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S-Corporation Schedule K: Miscellaneous Information and Exporting K-1s in Lacerte

by Intuit• Updated 3 days ago

S-Corporation Sch K-1 Miscellaneous Information

S-Corporate Screen 36, Schedule K-1 Miscellaneous Info. is used for the K-1 export function, and other items listed below:

Health Insurance premium reported on W-2's for more than 2% shareholders
Shareholders Ownership percentage to go on Box F of K-1 only
Final K-1 - Select the box if the shareholder's Schedule K-1 is final. The program checks the "Final K-1" box on Schedule K-1.
Amended K-1 - Select the box if the shareholder's Schedule K-1 is amended. The program checks the "Amended K-1" box on Schedule K-1.
Rental schedule allocation percentage
Use this field for Schedule K-1 rental schedules only. Enter the rental schedule allocation percentage to override the allocation of:
• "Net Income (Loss) from Rental Real Estate Activities" (Screen 33, code 146),
• "Gross Income from Other Rental Activities" (Screen 33, code 147), and
• "Less Expenses" (Screen 33, code 134).
K-1 letter salutation Override
Amount of deemed dividend
Self-charged interest :
Enter the lending or borrowing shareholder’s share of the self-charged interest income or expense. If the shareholder made the loan to the corporation, also identify the activity in which the loan proceeds were used. If the proceeds were used in more than one activity, allocate the interest to each activity based on the amount of the proceeds used in each activity. This information prints as an attachment to Schedule K-1.
UBIA allocation percentage override : Enter the lending or borrowing shareholder’s share of the self-charged interest income or expense. If the shareholder made the loan to the corporation, also identify the activity in which the loan proceeds were used. If the proceeds were used in more than one activity, allocate the interest to each activity based on the amount of the proceeds used in each activity. This information prints as an attachment to Schedule K-1.
K-1 Has More Than One Activity
For at-risk purposes
For passive activity purposes
Schedule B-1 - Select the type of entity of the shareholder. The entry made here is mandatory for completing the Schedule B-1. This entry also prints in the applicable column of Schedule B-1.
Individual or Entity Responsible for Reporting Shareholder income from Schedule K-1
Name and SSN and check box if Responsible party not an individual
General State information below
Separately stated details from the disposition of assets with prior Section 179 expense transfer to the Dispositions screen.
PPP loans will export to an individual return as box 18B, other tax-exempt income. Lacertewill automatically create a federal basis adjustment for this amount. Make sure to use the State, if different column to report any adjustments for nonconforming states.
California is the only state data that will export & import for the business to business transfer

How to Export from an S-Corporation return.

Open the client return.
Go to Screen 36, Schedule K-1 Misc./Schedule B-1.
Choose the applicable Shareholder name from the left navigation menu.
Under the K-1 Export section, check the Export shareholder K-1 data box.
Repeat steps 3 and 4 for each shareholder you plan on exporting.
From the Tools menu, select K-1 Data Export.
Review the list of shareholders being exported.
- If you need to make changes return to Screen 36 and make sure the correct shareholders are marked for export. Export will only go to Individual or Fiduciary
Select Export to start the export.
Select OK once the export is complete.
- Once the export has been completed within the business return, any changes to the K-1 will trigger Lacerte to prompt you to export the K-1 again.
Close the S-Corporate return.
Open the return for the recipient.
- This could be a 1040, or 1041.
You will be prompted to review the Sch K-1 Data Import screen. If the data is correct, select Accept Data.
Lacerte will ask you to confirm the overwrite of the existing data. Select Yes to continue importing the data, or select No to cancel.
Select OK to continue to the tax return Details tab.