How do I 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 worksheet view?

  • 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 worksheet view?

Environment

  • CCH Axcess Tax
  • CCH ProSystem fx Tax
  • 1065
  • 2019
  • Worksheet View
  • Schedule K-1

Procedure

To override the Current year net income (loss) amount, do the following: 
  1. Go to the Partners > Partner Information worksheet.
  2. Select the desired partner and click Detail.
    • Select Section 2 - Partner's Capital Account.
      • In Line 4 - Current year increases (decreases), enter the amount.
  3. Go to the Partners > General Options worksheet.
    • Select Section 2 - Schedule K-1 Calculation Options.
      • In Line 17 - Use the partner information, current year net income (loss) entries, as an override, select the checkbox.
  4. Calculate the return.


To override the Other increase (decrease) amount, do the following:
  1. Go to the Partners > Partner Information worksheet.
  2. Select the desired partner and click Detail.
    • Select Section 5 - DE's Information/Section 704(c) Gain(Loss)/Other Options.
      • In Line 3 - Other increases (decreases). enter the desired amount.
  3. Go to the Partners > General Options worksheet.
    • Select Section 2 - Schedule K-1 Calculation Options.
      • In Line 18 - Use the partner information, other increases (decreases) entries, as an override, select the checkbox.
  4. Calculate the return.
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 Solution Id 000107894/How-do-I-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-worksheet-view
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