Drake Tax – 1040: K-1 Code Data Entry
Article #: 10088
Last Updated: October 21, 2024
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:
For additional Drake Tax 2023 data flow details, see the applicable PDF below:
Tip The below data flow sheets can be accessed quickly from the K1P, K1F, and K1S screen helps.
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1120-S data flow (screen K1S)
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1065 data flow (screen K1P)
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1041 data flow (screen K1F)
Note If you attempt to enter a code not supported by the software, you can use the key combination of Ctrl + F to go to the next field. This allows the code to be entered; however, it does not carry any information to the return if it is not in the drop list.