How to plan for taxpayers that have K-1 income in Intuit Tax Advisor

For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.

For both existing and new K-1s , begin in Intuit Tax Advisor after plan creation.

For an existing K-1

K-1 Ownership percentage

1. From the Federal pre-strategy baseline search or scroll to the Partnership Income or S Corporation Income section and select it. 
2. Select the entity notated by the Entity name and then the Income section. In the input for Ownership percentage, enter the taxpayer’s ownership in that particular entity.  
3. If no value is entered, Intuit Tax Advisor calculates tax savings for strategies applied to this entity as 100%. If a value less than 100% is entered, then the strategy savings will be factored by the ownership percentage.

K-1 Basis limitation

1. From the Federal pre-strategy baseline, find the Partnership Income or S Corporation Income section and select it. 
2. Select the entity notated by the Entity name and then the Basis Limitation section.
3. Follow the steps in the table:

For a step-by-step walkthrough of how to input and analyze S-Corp basis in Intuit Tax Advisor, check out this video:

K-1 Basis analysis worksheet

1. From the Strategies tab, go to Insights and select Analysis Worksheets.
2. Expand the entity desired to track basis and select Analyze.
3. For S Corporations, there are tabs for Stock Basis, Debt Basis, and Basis Limitation. This worksheet takes the basis from the imported tax return and is modified by Federal pre-strategy baseline inputs in addition to Strategy Changes that affect basis.
4. For Partnerships, there are tabs for Partnership Basis and Basis Limitation. This worksheet takes the basis from the imported tax return and is modified by Federal pre-strategy baseline inputs in addition to Strategy Changes that affect basis. 

For a new K-1

K-1 Ownership percentage

1. From the Federal pre-strategy baseline, select Add new activity.
2. Select either Schedule K-1 (1065) or Schedule K-1 (1120S). 
3. On the Add new activity window, enter the Entity name, whether taxpayer, spouse, or joint from the dropdown, and then the Ownership percentage. Then, select Save.
4. The remainder of the process is the same as if from an existing K-1 above.

K-1 Basis limitation

1. From the Federal pre-strategy baseline, select Add new activity.
2. Select either Schedule K-1 (1065) or Schedule K-1 (1120S). 
3. From the Add new activity window, enter the Entity name, whether taxpayer, spouse, or joint from the dropdown.
4. Follow the steps in the table:

K-1 Basis analysis worksheet

1. For new Partnership or S Corporation activities created from the Federal pre-strategy baseline, the Basis analysis worksheet won't launch since there is no Adjusted basis at beginning of year.