Drake Tax Online - Exporting Forms K-1 from 1065 or 1120-S

To export the K-1 from an 1120-S or 1065 to the shareholder or partner’s individual 1040 return, follow these steps.

1. From the Tax Return Dashboard, beside the 1040 return, click Launch in Desktop to open the 1040 return in the Drake Tax Desktop integration.

   Tip  If you want to export to multiple partners or shareholders, open all the shareholder/partner returns in the Drake Tax Desktop integration before opening the entity return.

2. Click Return to Drake Tax Online (on the browser window) to get back to the Tax Return Dashboard.

3. From the Tax Return Dashboard, beside the 1120-S or 1065 return, click Launch in Desktop to open the 1120-S or 1065 return in the Drake Tax Desktop integration.

   Note  You will have two windows of Drake Tax Desktop open – one with the 1040 return and one with the 1120-S or 1065 return.

4. Select View/Print in the 1120-S or 1065 return.

5. Select K-1 Export.

6. On the Export K1s dialog box, click Export.

   Note  If there are partners or shareholders listed on the entity return that you have not been opened in Drake Tax Desktop, a list of SSNs that cannot be exported may appear. You can exit the export process and open the missing target returns from DTO or click Next to proceed to the list of SSNs that can be exported.

7. Click OK on the Export complete dialog box.

8. Click Exit.

9. Switch to the 1040 return in the Drake Tax Desktop integration.

10. Calculate the return.

11. Return to data entry and open the K1S or K1P screen and verify that the appropriate data exported as expected.

12. Close the the K1S or K1P screen.

13. Click Save/Sync.

    • If the Save/Sync button is not active, click in any data entry screen and make a change (such as typing and reversing an entry). The import of the K-1 does not activate the Save/Sync button if you do not click on a field or make a change after importing.

14. Click Return to Web or close the 1040 version of the return in the Drake Tax Desktop integration to return to the DTO version.

15. From My Forms, select Schedule K-1 for 1120S or Schedule K-1 for 1065 to review the imported K-1.