Some Schedule K-1 fields and codes are not available in data entry as there may be additional entries needed for an amount to be calculated or flow to the return. If an entry on screen K1P (Schedule K-1 from a 1065 return), K1S (Schedule K-1 from an 1120-S return), or K1F (Schedule K-1 from a 1041 return) is not available in the drop list, you should review the IRS instructions to see what that code means and how it may need to be entered. Certain entries are allowed on the K-1 screens as part of the basis calculations. If data flow for an item is not explained or entry is not available, then you must evaluate the item and make a direct entry on the applicable screens.

Below are links to IRS instructions for each K-1 type:

• Shareholder's Instructions for Schedule K-1

• Partner's Instructions for Schedule K-1

• Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040

For additional Drake Tax 2024 data flow details, see the applicable PDF below:

• 1120-S data flow (screen K1S)

• 1065 data flow (screen K1P)

• 1041 data flow (screen K1F)