K1 Aggregator Tax – specific Q&A
Tax-focused Q&A for K1 Aggregator users: answers and guidance on tax data handling, form workflows, and troubleshooting within the platform.
This resource is designed to answer common questions about managing, editing, and filing K-1 tax information using our platform. Whether you need guidance on entering data, generating forms, or troubleshooting issues, youâll find detailed solutions to help streamline your tax preparation process. Explore the topics below to get the most out of your K-1 Aggregator experience.
| Question | Answer |
|---|---|
| What types of entities does this application send K-1 data to? | 1040,1041,1065,1120,1120S,990,990-T,990-PF |
| Would a user be able to export from 2022 and then import to 2023 to use for estimates? | Yes |
| How does it work for tiered partnerships | A user can export reports from a lower tier entity, edit if necessary (apply allocation percentages), and import into an upper tier. |
| Will K1 Aggregator pick up a 731(a) gain footnote if the partnership calls it out? | K1 Aggregator is not currently compatible with this footnote |
| For a footnote (sec. 1061) that explains a portion of the Long Term Capital Gain was not held for 3 years, will K1 Aggregator 'move' that portion to the short term line of the K-1? | The software itself will not move it but there are reclass areas for the user to accomplish this. |
| Can a user input which K-1's the client received in the prior year? | There is a notes section that can help accommodate this request |
| After additional activities are added, can they be imported into the filing system? | Yes |
| Can a user reclass from nonpassive to passive activity? | Yes, there is a reclass column to accomplish this. |
| For funds of funds, the 926 footnotes would need to be aggregated and flow to the footnotes of the upper tier entity's K-1 footnotes rather than the actual form 926. Is there any possibility of future functionality in this area? | Anything is possible |
| Are income/deduction items always +/- vs. income/deduction? So if you map other deductions from K-1 to other income on return, the deductions will be presented as income? Any way for deduction boxes to be reflected as "negative" income on return? | All values are default positive (ie income items are all “plus” and deduction items are coded “less” in the formula logic). Negative values are interpreted as contra amounts. |
Question Answer
Tips:
- Regularly save your work and verify changes before refreshing or navigating away from the page.
- Document any recurring issues with screenshots and detailed descriptions to assist technical support.
For further assistance, contact the K1x Support Team by clicking on the "Get Help" button on our apps or in our Help Center.