How do I override Schedule K-1, Item L carried to the Other increase (decrease) line and the Current Year net income (loss) line in a 1065 return using interview forms?

  • Article Type:
  • How To
  • Last Modified:
  • 02/12/2020

Objectives

To override 1065 Schedule K-1, Item L carried to the Other increase (decrease) Line and the Current Year net income (loss) line in a 1065 return using interview forms.

Environment

  • CCH ProSystem fx Tax
  • 1065
  • Interview
  • Schedule K-1

Procedure

To override the Current year net income (loss) amount, do the following:
  1. Go to Federal Interview Form K-1 - Partner Information.
    • In Boxes 137-155 - Current Year Net Income (Loss), enter the applicable amount.
  2. Go to Federal Interview Form 5A - Schedule K-1 Print, Partner Percentages, Calculation and Pro Forma Options.
    • In Box 61 - X to use Interview Forms K-1, current year net income (loss), as an override, enter X.
  3. Calculate the return.


To override the Other increase (decrease) amount, do the following:
  1. Go to Federal Interview Form K-1A - Additional Partner Information.
    • In Box 30 - (Mandatory) Partner Number, enter the number.
    • In Box 69 - Other Increases (Decreases), enter the desired amount for the partner indicated.
  2. Go to Federal Interview Form 5A - Schedule K-1 Print, Partner Percentages, Calculation and Pro Forma Options.
    • In Box 68 - X to use interview Form K-1A, other increases (decreases), as an override, enter X.
  3. Calculate the return.
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