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CCH Axcess Tax

Schedule K-1 Print, Partner Percentages, Etc., Options

Use the sections in the worksheet to select various Schedule K-1 options including print options, options that affect the partners' percentages that print on Schedule K-1, calculation options, and an option regarding next year's Pro Forma.

The print options that can be selected here include:

• Partner mailing labels and sheets
• Partner name and address list or statement
• Suppress federal and/or state Schedules K-1
• Print/suppress the Schedule K-1, Page 2 (codes page)
• Print/suppress capital account summary
• Print Schedule K-1, Current Year Increases (Decreases) recon. statement
• Print/suppress partners' IRS K-1 instructions
• Print partners' oil and gas detail statements
• Suppress partners' summary schedule of mineral interest information (oil and gas)
• Print a multiple activity statement instead of the form
• Suppress partners' multiple activity statement or form
• Enter text to print at the top of every Schedule K-1
• Suppress federal and/or state Schedule K-1 statements
• Suppress partners' foreign tax worksheet
• Suppress SSN on certain forms
• Indicate the partners' Basis calculation method
• Print business entity and passthrough activity number report
• Produce foreign transaction summary statement for Sch K-1, box 16
• Suppress federal/state Sch. K-1 calculation, incl attachments and statements
• Global print options for state K-1 reconciliation
• Do not use entity specific oil and gas schedule
• Print simplified schedule K-1 current year net income (loss) and other increase (decrease) statement
• Suppress print of the partners centralized partnership audit regime election statements
• Code to report the gross receipts amount for section 59A(e)
• Print the IRC section 163(j) statement of election for small business taxpayers
• Suppress the schedule K-1 Section 199A additional information statement
• Suppress the schedule K-1 Section 199A statement for box 20, code Z

The options that affect printing of the partner percentages on the Schedules K-1 include:

• Force print of System-computed ending capital percentages
• Print "Various" for all percentages
• Leave all percentages blank
• Print computed effective ratios as ending capital percentages
• Print zeros for all ending percentages
• Print computed effective ratios as end-of-year ratios
• Print negative capital percentages for deficit partners
• Option to enter units instead of percentages

Additional percentage printing options are available on the Partner Information worksheet.

Self-Employment calculation options are available to:

• Suppress SE income calculation
• Calculate SE income for limited/LLP partners and LLC members
• Adjust SE income by intangible drilling costs
• Include other rental income in SE income
• Adjust SE income by Section 754 depreciation and/or Section 179 expense
• Allocate the SE adjustments to only partners getting SE earnings

Liabilities calculation options are available to:

• Allocate nonrecourse liabilities using EOY loss percentages
• Allocate nonrecourse liabilities using EOY capital percentages
• Allocate other liabilities to limited partners and LLC members
• Include/suppress short-term liabilities in other liabilities
• Suppress Schedule K-1 liabilities

Other calculation options are available to:

• Indicate a partner to receive profit/loss input variances
• Use current year income (loss) from Interview Form K-1 as an override
• Allocate aggregate net oil/gas income instead of each item
• Suppress ACE calculation for all partners
• Suppress ACE calculation just for partnership partners
• Treat portfolio depreciation as subject to the 2% floor
• Include interest expense from trade or business, rental, or farm on Sch K-1, line 20N
• Allocate AMT and ACE items for corporate partners
• Use other increase/decrease from Interview Form K-1A as an override

The Pro Forma option available on this form is an option to sort partners on next year's Pro Forma using a sort code you enter on the Basic Partner Data section.

Passive and At-risk options:

• More than one activity for at-risk purposes
• More than one activity for passive activity purposes