1065-US: Entering Blank, Formula, Various, or 0 percent for Schedule K-1, item J (FAQ)

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Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Question

Can I enter Blank, Formula, Various, or 0 percent for Schedule K-1, item J?

Answer

You can enter the text of your choice in the Description fields in Screen K1Misc for display on printed versions of Schedule K-1. However, because the electronic filing specifications dictate that Schedule K-1, item J percentages be expressed as a percentage and that each percentage should be positive and between zero and 100 percent, the electronic file will use the calculated percentages. See the Schedule K-1 Percentages Summary Worksheet to review the percentages that will be used in the electronic file.

Notes

  • UltraTax CS does not prevent you from entering negative profit, loss, or capital percentages in the Allocations window in Partner Data Entry. However, an FYI diagnostic will be present if any partner has a negative percent on Schedule K-1, item J.
  • To access IRS frequently asked questions on the IRS website from a client's return, choose Help > Tax Subject Index, click the Web Form Instructions option, highlight the IRS Tax Information for Partnerships link, and click Go To.

Related topic: Schedule K-1 FAQs (1065)

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