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K-1 Aggregator 1099 and W2 Extraction 

The 1099 and W2 Extraction feature in the K1 Aggregator helps you automatically detect, read, and map 1099 tax forms & W-2 statements‚ just like we already do with K-1s.

What is 1099 and W-2 Extraction?

The 1099 and W-2 Extraction feature in the K1 Aggregator helps you automatically detect, read, and map 1099 tax forms and W-2‚ just like we already do with K-1s. This streamlines your 1040 filing process and removes the need to manually rekey 1099 and W-2 data.

Release Date:
Early Access: June 4

What Can You Do With It?

With 1099 and W-2 Extraction, you can:

  • Detect and bookmark uploaded 1099s (Form types supported: INT, DIV, OID, B, Consolidated 1099s) and W-2s

  • Map line items to the correct fields on each 1099 form or W-2 

  • Upload K-1s, 1099s, and W-2s in the same workflow

Who Is This For?

This feature is built for professionals working with:

  • Private Client Services (PCS) teams

  • Accounting firms and family offices

  • High-net-worth (HNW) individuals

  • Large volumes of 1099s and W-2s alongside K-1s for Form 1040 filings

How To Access

  1. Contact your customer service representative to request Early Access to the 1099 and W-2 Extraction Feature.

  2. Go to your K1 Aggregator Tenant > Select an Instance

  3. Ensure that the Reader Release Preview is toggled on (e.g. so that you are leveraging V3 Reader to upload your tax documents)

  4. Upload your 1099s and W-2s for that instance.

  5. The system will automatically detect 1099s / W-2s and begin extraction.

  6. The list will refresh as your 1099 and W-2 files are uploaded, and you will be able to review the mapped data by selecting the pencil icon in the Tools column for any particular 1099 investment or W-2 form. 

CCH Integration

After you validate the extracted 1099 and W-2 information, you can integrate that information to CCH. You can follow the same data integration steps in Aggregator and push 1099 and W2 data in the same workflow as the K-1 CCH data integration. Please follow the instructions and tips on primary keys below on integrating information to CCH. A primary key is a unique identifier that is assigned each 1099 investment or W-2 form - assigning these unique  identifiers helps Aggregator find existing records in the CCH return to update, rather than create duplicates on multiple data integration attempts.  

1099 CCH Integration: 

Primary Keys for each of the different 1099 form types will need to be entered into the CCH return you are integrating into before data integration is attempted. This will allow the system to appropriately find existing investments in the CCH return and update as needed.

For the 1099-INT, 1099-OID, 1099-B and 1099-DIV, the primary key is the Account Number within the form. 

For the Consolidated 1099, the primary key is the Account Number under the General Information section. 

Note: Since the 1099-OID is nested within the 1099-INT in CCH, overlapping fields between the 1099-OID and 1099 INT will be summed up if the account numbers match. 

W-2 CCH Integration: 

The primary key for W-2 will be (1) Employee SSN and (2) Employer ID (EIN). If a match for both is found in CCH, Aggregator will match and update the existing W-2 record in the CCH return with new data from Aggregator. You do not have to enter this primary key information into CCH prior to a data integration attempt. 

What is Coming Next?

Q4 Release:

  • Appended K-1 Line Item and Instance Summaries, with relevant 1099 data, so that you can view all relevant investment income items in a report.

  • Tabbed viewing experiencing so that you can work on your 1099s separate from your K-1s

Example Use Case

Our firm handles K-1s and 1099s for hundreds of clients. The new 1099 Extraction feature saves hours by mapping key data automatically. It reduced our error rate and improved review turnaround by 40%.

Frequently Asked Questions

Q: Can I upload multiple 1099s at once?
Yes, batch uploading is supported in the V3 Reader so that you can upload any combination of supported 1099 forms at the same time (ensure you have "Reader Release Preview" toggled on in your Manage Investments screen).

Q: Does it support all 1099 types?
Currently, it supports the 1099 INT, DIV, OID, B and Consolidated 1099s. 

Q: Is this compatible with my tax software?
CCH integration is coming in V1. Additional support may follow based on demand.

Q: What if the extraction misses something?
You'll be able to review and edit extracted data before finalizing.

Q: Can the data be exported out?

Not at the moment, but the team is working towards allowing for Excel exports of 1099 information. Please stay tuned for updates.

Q: Is this supported with non-1040 filers?

Not at the moment, we only support 1099 and W2 extraction and CCH integration for 1040 filers, the most common use case.