K-1 Footnote for Line 4 Interest Income - Separating Out Regular Interest Income and Interest Income from U.S. Obligations

Tax Explorer

Hi,

On ProSeries, is there a way to add a K-1 Footnote on the 1120-S K-1s to distinguish between Interest Income from "regular" interest income and U.S. Obligations? There are two different fields on the 1120-S Schedule K for regular interest income (Line 4a) and interest income from U.S. obligations (Line 4b) and I want the breakout to show on the 1120-S K-1 footnote. Is there a way for ProSeries to automatically show the footnote? If not, how can I get the footnote to show?

What about for 1065 K-1s?

dascpa

Bottom of Schedule K under Other Information to be Reported on Schedules K-1 Worksheet. I usually have multiple notes (P.S. is poor about notes as compared to other softwares) I'll add:

(1)

Per IRS Instructions, this entity qualifies for an exception to filing foreign transactions...

(2)

Total U.S. Government Interest included in .........

* I use the (1) and (2), etc. to add a line break.

** If you put in the total the K-1's will report each owners portion on their individual K-1.

Tax Explorer

Yeah I did that. So there's no way for ProSeries to automatically breakout the interest income?

sjrcpa

Is there a state K-1? Maybe it on there.

The more I know the more I don’t know.

K-1 Footnote for Line 4 Interest Income - Separating Out Regular Interest Income and Interest Income from U.S. Obligations

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