Knowledge Base

10063: 1065 - Tax Matters Partner (Drake16 and prior)

1065 Partnership

How do I select or change the tax matters partner?
In Drake16 and prior, if you do not choose a tax matters partner, the software will default to using the information from the first K1 screen for the Schedule B. If you want to choose a different TMP, go to the B screen and enter that partner number (as corresponds to the K1 entry screen) in the Partner # field at the bottom of the page.

If you do not want anything printed on Schedule B for the Tax Matters Partner, you can enter 999 in the Partner # field, which suppresses tax matters partner information. See the Help screen for that field. If someone other than a partner listed on the return is the TMP, you can enter the SSN/EIN, Name, and address fields manually.

If nothing is printing and you need the TMP to be produced, check to ensure that on the PRNT screen, you have not chosen to suppress Schedule K‐1 (in the area K-1 Items to Suppress). This also produces error 1016 advising that the K-1 calculation is turned off.

Note: An SSN or EIN must be supplied for the tax matters partner. Form 1065 Instructions state that taxpayers may enter all zeros (00-0000000 or 000-00-0000) in this section. This is common with a partnership with all foreign partners.

Starting in Drake17, partnerships must begin appointing a Partnership Representative which will replace the Tax Matters Partner designation. See Related Links for details. 

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