How do I enter a Schedule K-1 footnote with a 1065 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
- Go to Partners > Schedule K-1 Footnotes worksheet.
- In Line 1 - FS and State, select options applicable to the footnote, if it should only apply to a specific tax authority.
- In Lines 2-9, enter the applicable information.
- In Grid 10, in the Description and/or Amount column, enter the footnote.
- Note: There is a 60 character limit per line.
- Calculate the return.
- The K-1 footnote input defaults to prepare for partners whose share of an item is $1 or more.
- To change the default, in Line 2 - Print options, select from the following options:
- All partners with profit/loss pcts
- General partners with P/L pcts only
- Limited partners with P/L pcts only
- All partners (allocate amount)
- All partners (entire amount to each)
- Partner-specific footnotes can be created using line 5 - Partner Number.
- Ratio allocation is available in line 7 - Ratio ID number, and Grid 10 - Ratio ID column, to specially allocate the entire footnote, and/or specific lines of each footnote.