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Level 1
June 1, 2023
Question

I have a partnership client that has received a K1 from an S corporation. Where do I enter this in Proseries?

  • June 1, 2023
  • 2 replies
  • 10 views
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2 replies

sjrcpa
Level 15
June 1, 2023

A partnership can't be an S Corporation shareholder, so that's probably why the software doesn't have a place for S Corp K-1s.

The more I know the more I don’t know.
dascpa
Level 11
June 1, 2023

An S corporation cannot have a partnership as a stockholder.  It is most likely that the S corporation election has been nullified by them admitting a disallowed entity.  Please dig further into this situation before proceeding.