Knowledge Base

11677: 1041/1065/1120S - K-1 Codes

Printing Generally

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.

Beginning Drake20:

  • 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 and future)
    • 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).


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