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Partnership k-1 packages and Lacerte

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Level 1

Is there are way to have the basis worksheets included in the partnership k-1 packages. They are included for S corps but apparently not for partnerships.

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3 Replies 3
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Intuit Alumni

Thanks for the question!

You should be able to do this at a return level for 1065 returns by going to Screen 3 and using
Partner Basis Worksheet: 1=yes, 2=no [O]
User Option Overrides Screen 3; Code 41

Make an entry to override the default set in User Options. Enter 1 to print the Partner Basis Worksheet. Enter 2 to suppress the Partner Basis Worksheet.

As a global option, you can go to the Tax Return tab, under Federal options, and select "Yes" under "Partner Basis Worksheet."

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Level 1

That will produce the basis worksheet when a complete tax return is printed but under the Print options you can select "K-1 package" rather than "Complete Tax Return" and the basis worksheets are not included with the K-1 package only the federal and state K-1s.

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Level 2

You can set it up to print with the K-1 packages for all partnerships & all K-1s under Settings/Partnership Options on the tab for "Items to Print" - choose the "Add'l K-1 Package" then check the box to select "Partner Cap Acct Recon" under the federal K-1 section.

I have not come across a way to do it just for one partnership without making it an overall setting. But since I want to print them for all partnerships, I haven't looked for an override within the client file.