What qualifies as a “complex” K-1?
Complex K-1s are defined as any K-1 that includes:
Section 199A information
K-3 forms
State-specific K-1 forms
Any K-1 meeting this criteria will be automatically be routed to K1x for processing.
What data will be delivered?
All extracted data from K1s will be included in:
Excel workpapers
PDF binder
This includes:
K-3 data
199A details
Statements
State-specific form data
Is there a limit to the number of K-1s that can utilize K1x?
For users trialing Juno, up to 5 complex K-1s will utilize the K1x functionality.
Active Juno customers can utilize K1x processing for up to 25 complex K-1s.
Juno will notify you whether or not the K-1(s) you have uploaded were processed using Juno's partnership with K1x.
Important note on tax software integration
While this expanded data will be extracted into the binder and workpapers, ultra-complex K-1 data will not yet flow directly into tax software.
We are in the process of prioritizing the nearly 8,000 new data points that the K1x integration enables Juno to extract. We'll gradually begin supporting new mappings to tax software.
What information will continue to flow into tax software:
Federal information
Statement breakdowns
State information that rolls up to federal equivalents
Example:
Ordinary business income (federal and state) will continue to import into tax software.
A state-specific item such as “Other Credits Related to Rental Real Estate Activities – California Law Code” (with no federal equivalent) will not be entered into tax software, but will be included and automatically flagged in the binder for review.