How do I export K-1 data from a business return to another return using worksheet view in CCH Axcess™ Tax, CCH® Global fx Tax, or CCH® ProSystem fx® Tax?
The video below explains how to export Schedule K-1 data from a business return to another return using CCH Axcess™ Tax, CCH® Global fx Tax, or CCH® ProSystem fx® Tax.
The export process is completed using three steps:
Step 1: Setup The Export In The Source Return - [Return]
Based on the return type, do one of the following:
For a Partnership 1065 Return
- Go to General > Return Options.
- Select Section 7 - Export Options.
- In Lines 1-3 - Export Options, enter applicable export information.
- Select Section 7 - Export Options.
- Go to Partners > Partner Information.
- Click Detail, located in the upper left corner of the Partner Summary grid.
- Select Section 5 - Export Partner Information to 1040 / 1041 / 1065 / 1120 / 1120S.
- In Line 1 - Export Option, use the drop-down to select the appropriate option.
- In Line 2 - TSJ on 1040, enter the Taxpayer, Spouse, or Joint code on 1040 if applicable.
- In Line 3 - Client ID of target return, use the lookup feature (double-click or click F4) to choose the client ID of the return you are exporting the K-1 data to.
- In Line 4 - Activity number on target return, enter the corresponding activity number of the passthrough on the return you are exporting to.
- Calculate the return.
For an S Corporation 1120S Return
- Go to General > Return Options.
- Select Section 7 - Export Options.
- In Lines 1-3 - Export Options, enter applicable export information.
- Select Section 7 - Export Options.
- Go to Shareholders > Shareholders Information.
- Click Detail, located in the upper left corner of the Shareholder Summary grid.
- Select Section 4 - K-1 Export Options.
- In Line 1 - TSJ (Applies to exports to 1040 returns only), enter the Taxpayer, Spouse, or Joint code if applicable.
- In Line 2 - Client ID, use the lookup feature (double-click or click F4) to choose the client ID of the return you are exporting the K-1 data to.
- In Line 3 - K-1 activity number, enter the corresponding activity number of the passthrough on the return you are exporting to.
- In Line 4 - Export Option, use the drop-down to select the appropriate option.
- Calculate the return.
For a Fiduciary 1041 Return
- Go to Beneficiaries > Beneficiary Information.
- Click Detail, located in the upper left corner of the Beneficiary Summary grid.
- Select Section 3 - Export Beneficiary Information to 1040 / 1041 / 1065 / 1120 / 1120S.
- In Line 1 - Export Option, use the drop-down to select the appropriate option.
- In Line 2 - TSJ on 1040, enter the Taxpayer, Spouse, or Joint code on 1040 if applicable.
- In Line 3 - Entity Type, use the drop-down to select the appropriate option.
- In Line 4 - Client ID of target return, use the lookup feature (double-click or click F4) to choose the client ID of the return you are exporting the K-1 data to.
- In Line 5 - Activity number on target return, enter the corresponding activity number of the passthrough on the return you are exporting to.
- Calculate the return.
Step 2: Export The Data - [Return]
Option 1: Manually Create the K-1 Export File.
- For CCH Axcess™ Tax.
- On the Ribbon, Go to Import / Export.
- Under Export, Click K-1 Data > K-1 Data to Other Returns.
- For CCH® ProSystem fx® Tax or CCH® Global fx Tax.
- On the Menu Bar, Go to File > Export > K-1 Data to Other Returns.
Note: This option is only available for Partnership 1065 and S Corporation 1120S returns.
- Go to General > Return Options.
- Select Section 7 - Export Options.
- In Line 2 - Create Schedule K-1 export files during calculation, use the drop-down to select Yes.
- Select Section 7 - Export Options.
- Calculate the return.
Step 3: Open The Target Return - [Return]
Once the export files have been created, open the target return to begin the import process.
- On the Import K-1 Files into the return window, select items in the Import files pane and click Add.
- Once all the desired import files are added to the Files selected for import pane, click OK.
- On the K-1 Import File Log window, review the log to verify the K-1s imported and see any import errors.
- Click Print or Close to exit the log report.
Solution Id | 000038583/sw526 |
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