How do I input Schedule K-3 information with a 1040 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
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Input Foreign transaction data received with a Schedule K-3 from a partnership or S Corporation return by Schedule K-1.
CCH Axcess™ Tax
In the 1040 system, the input for foreign income received through a K-1 has not changed in response to the Schedule K-3 - 2021. The descriptions now mention specific parts of the Schedule K-3.
In Partnership passthrough worksheet > Section 3 - Activity Continued, grid 16, we can see blue text to the right of the grid referring to Schedule K-3.
- In the SCorp Passthrough worksheet > Section 3 - Activity Continued > Grid 14 similarly has blue text to the right of the input grid which guides preparers to input specific parts from the K-3 received.