You can override this option in the return on the Partners > General Options worksheet in the Other Schedule K-1 options section. Select one of the following for 2020 or later returns: Select an option to indicate whether partners' guaranteed payments for services and capital should be included or excluded by default from Schedule K-1, Item L, and Schedule M-1. Note: This option is available only for tax year 2021 returns and later. You can override this option in a return on the Partners > General Options > Schedule K-1 Calculation Options worksheet. Select an option to indicate which section 743(b) adjustments and section 754 adjustments should be included and excluded by default from Schedule K-1, Item L, and Schedule M-2. Include in K-1, Accountant, and Client copies.Produces Schedule M-3, Part 1 and Schedule M-1 and suppresses production of Schedule M-3, Parts II and III. Tax versions of Schedule D, Form 4797, and Form 6252.Ĭomplete Part I of Schedule M-3 and produce Schedule M-1 instead, when applicable Select to suppress printing of alternative minimum Note: This option applies to tax years 2015 and higher. Select to summarize the open line items in Schedule K and Schedule K-1 statements. Summarize open line items from passthroughs on Schedule K/K-1 statements Select for the system to print the Schedule K-1 current year increases Print Schedule K-1, current year increases (decreases) reconciliation You can override this option on the General > Return Options worksheet. Total for all partners for each line on the Schedule K-1 and the correspondingĪ third amount column shows the difference between the total You can override this option on the Partners > General Options worksheet. Select for the system to include short-term liabilities with other liabilities on Schedule K-1.
Include all liabilities from Schedule L in the calc of other liabilities on Schedule K-1 Enter information for the 1065 options in the various areas.Click 1065/Partnership Options on the navigation panel.Double-click a return configuration set on the navigation panel.Open Dashboard, click Application Links on the navigation panel, and then click Configuration > Return configuration sets under Tax.To configure 1065/Partnership options, do the following: The 1065/Partnership window in the return configuration set allows you to configure options that are applicable to Partnership returns. Configuring Return Configuration Set 1065/Partnership Filing Options