Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How to enter pass-through k-1 on partnership return

grandstboy
Level 1
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

8 Comments 8
Accountant-Man
Level 12
Do you mean a partnership owns another partnership?
** I'm still a champion... of the world! Even without The Lounge.
0 Cheers
grandstboy
Level 1
Yes
0 Cheers
Accountant-Man
Level 12
I can't look now but will on Monday.
** I'm still a champion... of the world! Even without The Lounge.
0 Cheers
dd4vols
Level 10
Level 10
Open the Partnership that is the owner.  Then look on Forms bar  and choose  (usually under Common Forms) "K-1 Partner".  (not Sch K-1 Wks).   When you click on K-1 Partner, you will be asked to  choose a Partnership you already have, or set up this new one you are referring to.  Set it up (FEIN, Name, Etc), and then just enter on the appropriate lines exactly what is on the K-1 you received from that partnership.  Of course this applies if you didn't prepare both Partnerships.  If you did...see my post below.
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
0 Cheers
Accountant-Man
Level 12
Thanks, dd4vols.
** I'm still a champion... of the world! Even without The Lounge.
0 Cheers
dd4vols
Level 10
Level 10

If you prepared the 1065 in ProSeries, then all you have to do is import.

Open the destination file, then

Top Toolbar>Import>K-1 Import>1065: Partnership> then select the Partnership you want to import from.  It detects applicable SSNs and does the rest for you.

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
0 Cheers
natsprague
Level 1

Guys, what do you do if client's 1065 is due by March 15, and the K-1s from other partnerships is due by March 15, do you wait till you receive the K-1s on time for you to file on time or do you end up filing an amended return? thank you

0 Cheers
natsprague
Level 1

Another question with these. Partnership owns other partnership. Partnership receives K-1 from the partnership it owns with a multi-state allocation of income / gross receipts. Do i just issues supplemental schedule to the Partner with his allocation of the state income / gross receipts or is there a way to enter that information in 1065? thank you

0 Cheers