Which K-1 Versions Are Supported in K1 Aggregator?

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SUPPORTED K-1 VERSIONS

K-1 [Form 1065] | Partnerships

A partnership is a business structure in which two or more people share ownership of a business. Partnerships use Form 1065 to report their income, deductions, gains and losses to the IRS.

Schedule K-1 (Form 1065) is one of the forms generated when preparing a partnership return. The form details each partner’s share of the business’s income, deductions, credits and other items.

LLCs with more than one member also use Form 1065 to report their tax information to the IRS, and each partner receives a K-1 with their share of the LLC’s income or losses, deductions and credits.

K1 Aggregator also supports K-3 data for 1065 K-1s.

K-1 [Form 1120-S] | S Corporations

S Corporations combine pass-through tax benefits with the liability protection of a corporation.

When it comes to tax returns, S-corps use Form 1120-S to report the company’s income, deductions and credits.

Like partnerships and LLCs with more than one member, S-corps provide their shareholders with a Schedule K-1 detailing each shareholder’s portion of the company’s income, deductions and credits.

There is no support for multiple activities or K-3 extraction for 1120-S K-1s.

K-1 [Form 1041] | Trusts or estates

Although they aren’t business entities, trusts and estates also issue Schedule K-1s. A trust is a legal arrangement in which a trustee holds and manages assets to benefit beneficiaries. On the other hand, an estate refers to the assets and liabilities left behind after an individual’s death.

Trusts and estates file Form 1041, which reports their income, deductions, gains and losses to the IRS. Just like with other pass-through entities, trusts and estates provide their beneficiaries with a Schedule K-1 detailing their share of the entity’s income, deductions and credits.

There is no support for 1041 K-3.

NOT SUPPORTED K-1 VERSIONS

K-1 [Form 8865] | Return of U.S. Persons with Respect to Certain Foreign Partnerships

Form 8865, or the Return of US Persons With Respect to Certain Foreign Partnerships, is a tax form used by individuals and entities to report ownership of, transactions with, and certain other activities related to controlled foreign partnerships.

K-1 Reader does not currently support K-1 (Form 8865). This form requires manual entry into K-1 Analyzer.

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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