How do I get the codes for Schedule K1 (page 2) to produce?
In Drake17 and prior, code sheets are not displayed in View mode, but you can enable a code explanation sheet to follow the printing of each K-1 to help interpret the various codes used on Schedule K-1.
In Drake18 and Drake19, the K1 code sheet will produce in the view mode of the return, if enabled. Only 1 code sheet will appear in view, however, when the return is printed, each K1 will print with a code sheet. If the K-1 is selected for printing, it is printed first, followed by the code sheet when enabled, and then the statements pertaining to that K-1.
- The IRS has discontinued page 2 of Schedule K-1 for Forms 1120-S (for S corporations) and 1065
(for partnerships). The K-1 codes that were on page 2 are now in the Schedule K-1 instructions.
These K-1 codes can still be generated in Drake Tax.
Instead of producing the entire K-1 code sheet, however, Drake Tax now generates only those codes
that actually appear on each Schedule K-1 in the 1120S and 1065 packages. These codes are printed
on the “Supplemental Information” page that is generated with each K-1, and they reference the
page in the K-1 instructions where further information can be found.
- The page 2 code sheet for beneficiaries’ and estates’ K-1s in the 1041 package has not been
discontinued and will look as it has in the past. It will not, however, be generated with
each K-1 unless enabled.
To enable the code sheet to be printed
- for all K-1 schedules, from the Home window of Drake, select the Setup > Options > Form & Schedule Options tab and select the option:
- Print page 2 of Schedule K-1 for 1041 and K-1 codes for 1120S and 1065 (Drake20)
- Print Page 2 of Schedule K-1 for 1120S, 1065, and 1041 (Drake19 and prior)
- for K-1 Schedules in a specific return, on the PRNT screen select
- for the 1065 and 1120S,
- Print Schedule K-1 Codes (Drake20)
- Print page 2 of the Schedule K-1 (Codes) (Drake19 and prior)
- for the 1041,
- Produce K1 Codes (Schedule K-1, page 2).
Note: An asterisk with a letter code indicates that multiple items have that code. An asterisk at the bottom of a group indicates that there are more items than can fit in the space provided for that group and that a statement is attached, or that the statement is required (as in the case of “other” amounts).