K-1N Scenario Builder: Entering in data and allocation codes needs to improve

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1. Entering federal net income amounts

   1. When entering federal income/expense items and choosing an allocation code – the default allocation code is always on using percentages

2. If the code is a code allocating by amounts, the total auto-populates, but only in the federal jurisdiction

3. If an amount is entered and then the allocation by amount code is chosen, the amount will populate on all jurisdictions

4. 1. The state jurisdiction entry is for state source income only so the auto-populating could be a problem as the amounts will need to later be deleted if not state source

   2. However all state K1s I’ve looked at report the net income on the state K1 using the amount calculated on the state jurisdiction, which is only state source

5. Per the state K1 instructions, they want the federal net income (except CA now wants CA law amounts as they are tracking their own CA tax capital)

   1. This leads to an issue in the capital account reporting when none of the income is state source because the state capital account will report no income instead of federal

   2. The mapping here needs to change

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.

Easier user experience and less frustration

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.

Everyone

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.

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