Calculating partner/shareholder basis for Form 1065 and 1120 S K1s in UltimateTax

Go to the K-1 Attachment (K-1 ATT 3- this form is in both packages), page 3, underline 23h of the form. There is a worksheet here to calculate the basis. You will need to answer the question, "Compute partner's interest?" (1065) or "Compute shareholder's basis?" (1120 S) and complete any lines on the worksheet that are not calculated. The worksheet will then compute the basis.

Solution Articles: 
K-1 (1065/1120C/1120S/1041)
1120S S-Corporation Income Tax Return
1065 U.S. Return of Partnership Income

This information applies to all years of the UltimateTax software.