How do I export K-1 data from a business return to another return using worksheet view in CCH Axcess™ 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 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 the General > Return Options worksheet.
- Select Section 7 - Export Options.
- In Lines 1-3 - Export Options, enter the applicable export information.
- Go to the Partners > Partner Information worksheet.
- Click Detail.
- Select Section 6 - Export Partner Information to 1040 / 1041 / 1065 / 1120 / 1120S.
- In Lines 1-4 - Export Partner Information to 1040 / 1041 / 1065 / 1120 / 1120S, enter the applicable export information.
- Calculate the return.
For an S Corporation 1120S Return
- Go to the General > Return Options worksheet.
- Select Section 7 - Export Options.
- In Lines 1-3 - Export Options, enter the applicable export information.
- Go to the Shareholders > Shareholders Information worksheet.
- Click Detail.
- Select Section 4 - K-1 Export Options.
- In Lines 1-4 - K-1 Export Options, enter the applicable export information.
- Calculate the return.
For a Fiduciary 1041 Return
- Go to the Beneficiaries > All Beneficiary or Grantor Options worksheet.
- Select Section 1 - All Beneficiary or Grantor Options.
- In Lines 12-13 - Export options, enter the applicable export information.
- Go to the Beneficiaries > Beneficiary Information worksheet.
- Click Detail.
- Select Section 3 - Export Beneficiary Information to 1040 / 1041 / 1065 / 1120 / 1120S.
- In Lines 1-5 - Export Beneficiary Information to 1040 / 1041 / 1065 / 1120 / 1120S, enter the applicable export information.
- 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 tab.
- In the Export section, Click K-1 Data > K-1 Data to Other Returns.
- For CCH® ProSystem fx® Tax.
- On the Menu Bar, Go to File > Export > K-1 Data to Other Returns.
- Go to the General > Return Options worksheet.
- Select Section 7 - Export Options.
- In Line 2 - Create Schedule K-1 export files during calculation, use the lookup value (double click or press F4) to select Yes.
- 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 | 000167295/sw526 |
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