User's Manual - Drake Software

Supplemental Income
Drake Software User’s Manual
1. Enter all information for federal and the first state on the K1 screen. (Enter data in
the State column only if the state amount differs from the federal).
2. From the first “page” of the screen, press PAGE DOWN to start a new screen.
3. In the F text box at the top of the screen, type 0 (zero) to exclude the information
on this screen from the federal return. (See Figure 5-28.)
4. Select a state from the ST drop list. In Figure 5-28 below, North Carolina has been
selected.
Figure 5-28: Enter “0” in the F text box and select a state from the ST drop list.
5. Complete all applicable fields. Basic information, such as ID number and name,
must be re-entered. Because the program does not use the entries on this screen
for federal purposes, it is not necessary to enter the federal amounts; however, all
applicable state amounts are required, even if they are identical to the federal
amounts entered on the previous screen.
6. Click the linked tab at the top of the screen for the next “page” (see Figure 5-26 on
page 124) and continue entering state amounts.
7. (if applicable) Complete the For State Use Only fields on the second “page.”
To enter data for another state, repeat Step 2 through Step 7 above.
K-1 Exports K-1 data can be exported from an 1120S, 1065, or 1041 return in Drake to an individual
return in Drake. To export K-1 data, you must first have the following items:
• An 1120S, 1065, or 1041 return, completed in Drake
• An individual return in Drake for the shareholder, partner, or beneficiary listed in
the 1120S, 1065, or 1041 return
To export K-1 data into an individual return:
1. Open the 1120S, 1065, or 1041 return that contains the data to be exported.
2. Click View to calculate the return and open View mode.
3. Click the K1 Export button in the View mode toolbar. The Export K1s screen
lists all taxpayer SSNs for exporting. All rows are selected by default.
4. (optional) Click a row to clear it if you do not wish to export K-1 data to all individuals
listed.
126 Tax Year 2012