How do I populate Schedule K-1, Line 21 for partners with a 1065 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax?

  • Article Type:
  • How To
  • Last Modified:
  • 11/05/2022

Objectives

To learn how to populate Schedule K-1, Line 21 for partners in a 1065 return using worksheet view in CCH® ProSystem fx® Tax and CCH Axcess™ Tax.

Environment

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

Procedure

  1. Go to Partners > Schedule K-2 - Distributive Share Items - International Parts 1-V Worksheet.
  2. Expand Section 12 - Schedule K-2 Part III Section 4 - Foreign Tax Options.
  3. In Line 1 - Foreign Taxes paid, select the checkbox, if applicable.
  4. In Line 2 - Foreign Taxes accrued, select the checkbox, if applicable.
  5. Expand Section 13 - Schedule K-2, Part III Section 4 - Foreign Tax Information.
  6. Select Detail.
  7. In Line 1 - Row code, select F4  (Lookup Value) and choose option 1 from the list. 
  8. In Line 3 - Country Code, select F4  (Lookup Value) and choose an applicable country code from the list.
  9. In Line 5 - Type of tax, select F4  (Lookup Value) and choose an applicable tax type from the list.
  10. In Line 7  - Date tax paid, input an applicable date in format dd/mm/yyyy.
  11. In Lines 10-20 - 951A/Foreign Branch/Passive/General category income, input applicable amount.
  12. Calculate the return.
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