Family Law Software Menu

FAQS

Click on a question to see the answer.

← Back to all FAQs

Question: How can I enter data from a K-1?

Answer:

These are partneship K-1s (Form 1165) which are different than S Corporation K-1s (Form 1120).

In both cases, typically, the most important numbers are on lines 1-3.

You can enter ordinary income and guaranteed payments as Business income, and specify the type of business as partnership or S Corp as appropriate.

You can enter rental income as a Real Estate property. Click "more info,, and specify at the top that the property is a rental income property.

Then scroll down and enter the rental income.

You can enter interest or dividend income on the Client Info > Income & Expenses > Wage-Like income lines labeled "Interest" and "Dividends."

We might suggest ignoring any numbers that are really small. They will not affect any decisions the parties may make.

As for any other significant entries, you can use your judgment to figure out where things should go.

In any event, please be careful not to double enter any income. If income is reported on last year's K-1, and you have income from the same activity in a cash flow report from the client's accountant, please be sure to enter the income only once.