Drake Tax Online – Exporting Forms K1 from 1065, 1120-S, or 1041

Last Updated: November 02, 2026

Benefits

You can export Schedules K-1 from business returns to other return types, as applicable. This feature saves a substantial amount of data entry in a partner, shareholder, or beneficiary return.

Limitations and Notes

• You can only export Schedule K-1 between returns within the same year of Drake Tax Online.
• An S corp can only have shareholders that are individuals or trusts, thus an 1120-S can only export a K-1 to a 1040 or 1041 return.
• Basis information for individual partners or shareholders should be entered in the 1040 return in Drake Tax Online, using the Basis Worksheet tab.
  • This information cannot be exported from the 1065 or 1120-S return to a 1040 return. Such an import would override limitations and carryovers calculated in the 1040 program.
  • The basis information that is tracked in the 1065 or 1120-S return is inside basis only. Outside basis must be used in the 1040 return in order to apply basis limitations correctly and track carryovers.
  • See Drake Tax – Basis, At-Risk, and Passive Activity Limits for more information about basis.
• When you export K-1 information, amounts for the state do not export. State K-1 information must be manually entered on the respective federal or state K-1 screen.
• When you complete the export, Section 179 information shown on K1_QBI, is carried to the K199 screen in the individual return.

Export Process

To export the K-1 from a 1065, 1120-S, or 1041 to the partner, shareholder, or beneficiary return, follow these steps.

1. Make sure you have created the partner, shareholder, or beneficiary return (target return) to which you intend to export. Basic demographic data must be entered.
2. Complete the business (source) return. Make sure that matching K-1 demographic information for the partners, shareholders, or beneficiaries has been entered.
3. In the business (source) return, click on the Federal tab on the left.
4. In the section, Schedule K-1, click K-1 Export.
   
5. On the K-1 Export dialog box, select the clients to be exported (or click Select all) then click Export.
   Note If there are partners, beneficiaries, or shareholders listed on the entity return that cannot be exported, you will see a notification on the screen. See Troubleshooting below for details.
   
6. Click Close on the K-1 Export Completed dialog box.
   
7. Click Exit return.
8. Open the 1040 return and review the Schedule K-1 for 1120S, Schedule K-1 for 1041, or Schedule K-1 for 1065 to review the imported K-1 and make any other necessary entries.

Troubleshooting

If K-1 data cannot be exported, you will see one of the following messages on the K-1 Export dialog box.

• You do not have access to edit this return. – This indicates that you do not have permission to edit this return. Someone with sufficient access must complete the export or manually enter the data in the target return.
• This return is locked. – This indicates that the return is locked for editing. The return must be unlocked before the export can be completed.
• There aren’t any matching tax returns for the K-1s entered. – This indicates that the target return has not been created in Drake Tax Online. Exit the business (source) return and create a return for the partner, shareholder, or beneficiary. Then attempt the export again.
• You have not entered any eligible partners on your return yet. – This message displays if you attempt to export K-1 information but have not entered the TIN and name of the partner, shareholder, or beneficiary in the business (source) return.

If one of the partners, shareholders, or beneficiaries is the spouse on a MFJ return, you will see that noted on the K-1 Export dialog box. The K-1 information will be exported to the MFJ return that was created with the primary taxpayer’s SSN.