Thank you for your answer, but I am a little unclear on it, perhaps because your situation is different than mine. 

Do you give your clients K-1's that have the TIN masked AND that do not have the watermark?

That's what I am trying to do.  I mail ALL my K-1's, approximately 1,200 per year, because almost all my K-1 recipients are in other states.  I want the TIN's masked because I mail them, but don't want the confusing watermark. 

Maybe I want too much out of ProSeries.