1065 & K1 Processing
The 1065/K1 module allows you to print partnership tax returns for your partnerships defined in SherWare. It will create a Form 1065 for each partnership and a K1 form for each partner in the partnership.
The module has this limitation:
This module assumes that the partnership's total receipts for the year were less than $250,000 and the total assets were less than $1,000,000 and that the partnership is not required to file Schedule M-3.
This is part of the 1065 and K1 Module, an optional module. Contact SherWare, Inc. if you are interested in adding this capability to your software program.
You can view the instructions for these forms on the IRS' Web site.
Form 1065
http://www.irs.gov/pub/irs-pdf/f1065.pdf
Form 1065 Instructions
http://www.irs.gov/pub/irs-pdf/i1065.pdf
Schedule K-1 (Form 1065)
http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
Schedule K-1 (Form 1065) Instructions
http://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
1065 & K1 Processing:
Creates the 1065 & K1 Files.
Create 1065 file for year
Enter the year to create the file for.
Beginning/Ending Program
Enter the first and last program in a range to report on.
Build based on what was actually disbursed
includes suspense - Amounts should match the checks they got during the year
Build based on what was actually processed
Doesn't include suspense - Amounts are only what was entered and processed for that year. No prior year suspense is included. Any suspense during the current year is included.
Once the report has been created, any changes to it can be made using the modify 1065 File window.
Year
The year of the 1065.
Program Code
The code of the program that the 1065 is for.
Begin Date
The date the partnership began.
Gross Income
The total amount of income received for the year.
Taxes
The taxes paid on the gross income.
Depreciation
Depreciation being claimed by the partnership.
Deductions
The total amount of deductions for the year.
IDC Costs
Intangible drilling costs for the partnership.
Ordinary Income
Enter the ordinary income (loss) shown on Schedule K-1 (Form 1065) or Schedule K-1 (Form 1041), or other ordinary income (loss from a foreign partnership, estate or trust).
You can also modify the K1 File, using the Modify K1 File window.
The year, program code, and owner ID pertain to the owner this K1 record is for.
The remaining fields on this window match up with the respective portion of the Schedule K-1 form. What you have specified for each section is what will print in that section for this owners form.
Once the 1065 form has been created, it can be printed here.
Year
The year of the 1065 to print.
Print
Choose which page to print. This can be printed on the pre-printed IRS 1065 form.
Beginning/Ending Program
The first and last program in a range to print.
Once the K1 form has been created, it can be printed here.
Year
The year of the K1 to print.
Print
Choose which page to print. This can be printed on the pre-printed IRS K1 form.
Beginning/Ending Program
The first and last program in a range to print.
IRS Center
Enter the name of the IRS Center that the forms will be sent to.
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