Schedule K-1 Business to Business Transfers Import/Export

This article will help you understand how to export and import K-1 information between business returns.

See Schedule K-1 Export / Import for the basic functionality in Lacerte.

Important Information Requirements/Limitations:

• The return must be a Calendar Year: Lacerte doesn't export or import K-1's from a fiscal year return.
• Grantor Trust: Lacerte doesn't export a grantor trust to the Individual (1040) module since a grantor trust doesn't produce a Schedule K-1.
• Partner / Shareholder / Beneficiary Name: Make sure that the name on the K-1 matches that listed on Screen 1 in the recipient's (importer's) return.
• Recipient's EIN - Make sure the EIN listed on the K-1 in the issuer's (exporter's) return matches the EIN entered in Screen 1 in the recipient's (importer's) tax return.
• Make sure the K-1 Data path setup in the options by going to Settings -> Options -> Setup -> K-1 Data Path. This should be the same within all modules.
• In general, state K-1 information won't transfer in the K-1 export to 1040. Amounts from state Schedule K-1's or pass-through summaries must be entered in the applicable screen by the user. Note: for the Partnership module, certain line items will transfer the sourcing for California.

How to export entries for each of the supported business modules

Partnership:

1. Go to Screen 7, Partner Information.
2. In the section, Miscellaneous Info, select the Type of Entity
   • Note: Type of Entity established in this section should be the same as the module the K-1 is being exported to.
3. Go to Screen 32, Partner Miscellaneous Info
4. In the section, Partner Schedule K-1 Miscellaneous Information, check the box Export partner K-1 data to mark each partner K-1 desired for export.
   •  Note: You can override where the program will transfer the data to in Partners tax type: 1=1040, 2=1065, 3=1120, 4=1120s, 5=1041 [O].

S-Corporate:

1. Go to Screen 36, Schedule K-1 Miscellaneous Info.
2. In the section, Schedule K-1 Miscellaneous, Check the box Export shareholder K-1 data to mark each shareholder K-1 desired for export.
   • If the shareholder is an Estate or Trust andyou want to transfer the shareholder's Schedule K-1 information to the Fiduciary program, check the box Estate or Trust.

Fiduciary:

1. Go to Screen 43, Schedule K-1 Overrides / Miscellaneous.
2. In the section, K-1 Overrides/Miscellaneous, check the box; Export beneficiary K-1 data (default is 1040), to mark each beneficiary K-1 desired for export.
3. Select appropriate tax type in Business beneficiary tax type(Ctrl+T) to indicate the beneficiary is a business beneficiary.