Schedule K-1 for 1065 - Drake Software

Partnerships (1065)The basics of data entry for a partnership (1065) return are the same as for the 1040.Field- and screen-level help, shortcut keys, and navigation throughout data entry allfunction as they do in the 1040 package. See the Drake Software User’s Manual: TaxYear 2011 for the basics of using the program.What’s New in Drake for Partnership ReturnsELEC Screen ChangesOwnership ChangesDrake programs its tax software according to the latest IRS rules and regulations. The2011 program reflects all changes to credits and deductions, including discontinuations.For details on new regulations for 2011, see the IRS instructions for Form 1065.The ELEC screen has been revised for easier, more efficient selection of various electionsavailable to corporations. For more information on choosing elections in Drake,see “Elections” on page 35.New for 2011, ownership changes for partnerships should be entered on the OWNscreen. Enter the date of ownership change at the top of the screen. From the Changein Percentages section, select a partner from the Partner’s ID Number and Namedrop list. Enter the partner’s percentage of profit, loss, or capital received as a positivenumber or the percentage of profit, loss, or capital relinquished as a negative number.Press PAGE DOWN to open a new screen for additional ownership changes. (See“Ownership Changes” on page 20.)Income and Deduction ScreensThe data entry screens for income and deductions have been revised for easier dataentry. Only two screens are now required in order to calculate ordinary businessincome for a return:Tax Year 2011 1