K1x Ideas
Describe your idea. The more information you provide, the clearer picture of your idea we will have. |
Users need the ability to leave out state, k-3, or general info from being sent into the system. |
How will this idea help you and potentially others? Understanding how things are done today, where the pain is, and how the idea is beneficial puts us in your shoes. |
Often users do not need to send state data into the system if there isn't a filing requirement. In addition, users may not want to import their k-3 data into the system or may aggregate by country. |
Who will benefit from this idea? Whether it's specific roles of users, users of a specific product, or certain departments/markets, this helps us know who to talk to when we need more information. |
Users will benefit by not having to delete sections within K-1 Analyzer |
How do you envision this idea being implemented at K1x? You're the expert and understanding how you see this working helps kickstart the idea. |
This could be a step within the send to system screen. It could also be a step in the manage investments screen. It should be applied at the instance level. |
| Release Date | May 1, 2025 |
Having this extend all the way to line items would be helpful too, although the automatic reclass idea would accomplish the same for federal and state items. We've been using k1x for 3 years and still use internally developed software to import data into CCH from K1x in order to:
1) Remove activity from states where we don't file while still using K1A
2) Import Part II of K-3 separately, with 0s entered in applicable fields that will improperly populate the form 1116 when the foreign section is null but has a country code populated
3) Configure the liabilities section of CCH properly so basis limitations calculate correctly, they made changes this year to allow liabilities to flow from the General Section to the basis limitation worksheets but only if there is at least one non null value in beginning liabilities. This eliminates duplicative entry in section 6 that was required in previous years (at-risk had no improvements in that area this year, you guys should push them on that!)
4) Separately import non 50% QSBS items to Sch D
5) Remove lines like 20A and 20B that CCH calculates automatically
6) Retain activity classifications in CCH that we we don't want to maintain in both systems, since we have to create an investment in CCH anyway.
7) Ensure our data ends up where fields are not mapped to CCH in K1x with appropriate offsetting state entries, like 2% misc deductions ending up nondeductible for fed but 20 input lines down for state in CCH while also adjusting the state nondeductible amount accordingly so basis is calculated appropriately still. Being able to change these fields quickly allows us to maintain control over the data when IRS does something like release 30 new finalized codes in January, and CCH slowly updates their fields to match (i.e. nonportfolio capital gain/loss was just recently added to CCH with one input for short term and one for long term, although they treat it identically to short and long term gain for now)
Some kind of master logic page to give users complete control of how they want their data to flow into the software even beyond just fed/state/k-3 considerations would be phenomenal.
Agreed! This would be extremely helpful. The state information that gets pushed into CCH creates adjustments to our state returns that are not needed. We end up having to delete out this information from our locators. This process is time consuming