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K1 Creator: Core Feature Overview

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K1 Creator is designed to make the K-1 generation process faster and easier to manage — especially for large-scale partnerships. It empowers preparers to produce customized K-1 packages more efficiently, saving time and reducing complexity across large sets of investors and jurisdictions.

This guide provides a high-level overview of the app’s major functional areas and highlights the scope of what’s included in the April 2025 release.

Project Setup

Users can start with one of two setup options:

  • Multi-entity project: Set up a group of related issuer entities and define a shared investor pool, then associate each investor with the entities they’re invested in.

  • Single-entity project: Set up an individual issuer entity and define its unique investor list.

There are no major changes to this area in the April release.

Demographic Data Management

Enter and manage core entity and investor details used throughout the K-1 process.

Supported Data Levels:

  • Project-Level Investor Information
    General information that applies across all entities an investor is involved in (e.g., name, tax ID).

  • Entity-Level Investor Information
    Details specific to an investor’s relationship with a particular entity (e.g., general vs. limited partner status).

What’s New in April:

  • Demographic data setup is now consolidated with entity and investor setup steps.

  • Data has been moved to the appropriate level — for example, state tax IDs now live at the project level.

  • Support for jurisdictional demographic data (beyond general details) is currently available for Federal, California and New York. Other states will be added in a future release.

Federal K-1 Tax Data Management

Enter and manage federal tax amounts and allocation details for each line item on the K-1.

Key Features:

  • Allocation Codes: Define how amounts are split among partners.

  • Line Item Detail: Add as much granularity as needed, with support for multiple entries per K-1 line item.

  • Activity-Based Breakouts (New): Break down K-1 amounts across multiple activities to reflect different kinds of business or investment activity.

  • Reports: View a snapshot of each investor's capital rollforward, exportable to Excel.

State Tax Data Management

With this release, users can now build on federal data to calculate state-level income by applying apportionment, adjustments, or direct overrides.

Key Features:

  • Federal events flow automatically into each state’s view and are apportioned based on project setup.

  • Users can make adjustments to pre apportionment or state sourced totals by adding state-specific events.

  • Where needed, users can directly enter allocated state income to override calculated results.

K-3 Tax Data Management

Use a structured, form-based interface to manage international tax information reported on Schedule K-3.

The April 2025 release includes support for all parts of the 2024 Schedule K-3, except Part XII, which will be included in a future update.

Statements

Create and manage supplemental documents (cover letters, footnotes, firm disclosures, etc.) for inclusion in the final K-1 package.

Template Options:

  • Project-Level Templates: Simple, shared across entities.

  • Entity-Level Templates: Fully customizable, tailored to individual entities.

Customization Features:

  • Tokenization: Pull investor- or project-specific data directly into your statements.

  • Table Builder: Add structured data tables where needed.

  • Formatting Tools: Style and structure content with headers, text tools, and spacing controls.

K-1 Packager

Define how each investor’s K-1 package is assembled, including both system-generated and user-uploaded documents.

Package Contents Can Include:

  • K-1 Forms: Federal, NY & CA

  • K-3 Forms

  • Statements: From the Statements tool

  • Uploaded Documents: Any other PDF

What’s Next?

If you’ve already completed onboarding, now’s the perfect time to dive in.

  • Explore each area of the app and begin configuring your own projects

  • Refer to our how-to documentation for detailed instructions

  • Provide feedback through our in-app surveys

We’re continuously expanding the platform — and your input plays a key role in shaping future updates.

 

Circular 230 Disclosure

To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this software (including any reports or downloads) is not intended or written to be used and cannot be used for the purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) supporting, promoting, marketing or recommending to another party any transaction or matter addressed herein. This software is for informational purposes only and should not be regarded as tax advice. Please consult your tax advisor or attorney for guidance on your individual tax situation.

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