11677: 1041/1065/1120S - K-1 Codes

1120-S and 1065

A listing of all K-1 codes can be found in the Schedule K-1 instructions for each return type. If you want the code explanation to be printed on a “Supplemental Information” page that is generated with each K-1, you must enable the setup option (globally) or force it to print (per-return).

NOTE  Drake Tax only generates a list of the codes that actually appear on each Schedule K-1 when you choose to enable the code printing.

1041

The K1 code sheet will produce in the View/Print mode of the return, if enabled. Only 1 code sheet will appear in view, however, when the return is printed, each Schedule K-1 will print with a code sheet. If the K-1 is selected for printing, it is printed first, followed by the code sheet (when enabled), and then the statements pertaining to that K-1.

Setup

To enable the code sheet to be printed for all K-1 schedules, go to Setup > Options > Form & Schedule Options tab and select the option Print page 2 of Schedule K-1 for 1041 and K-1 codes for 1120S and 1065.

To enable the code sheet to be printed for K-1 Schedules in a specific return, on the PRNT screen select either: 

• Print Schedule K-1 Codes (1065/1120-S)

• Produce K1 Codes (Schedule K-1, page 2) (1041)

NOTE  An asterisk with a letter code indicates that multiple items have that code. An asterisk at the bottom of a group indicates that there are more items than can fit in the space provided for that group and that a statement is attached, or that the statement is required (as in the case of “other” amounts).

Drake Tax 2018 and 2019

The IRS discontinued page 2 of Schedule K-1 for Forms 1120-S (for S corporations) and 1065 (for partnerships) in 2019.

The K1 code sheet will produce in the View/Print mode of the return, if enabled. Only 1 code sheet will appear in view, however, when the return is printed, each K1 will print with a code sheet. If the K-1 is selected for printing, it is printed first, followed by the code sheet when enabled, and then the statements pertaining to that K-1.