How do I print a K1 for an officer?

You can go to https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf  and print that one, if nothing else. 

Welcome here in the Community, @jmanley7.

At the moment, it is not possible to generate the K-1 form using any QuickBooks product. However, you can directly download the form from the IRS website. After downloading the form, run financial reports on your account and use the information to manually process the form.

Here is the link where you can download the form: https://www.irs.gov/forms-pubs-search?search=k1

You can visit this link to provide some details about features and options in each version of QuickBooks: QuickBooks Comparison Chart

Visit here again if you have other questions or concerns about QuickBooks. I'm always here to lend a hand.

What financial reports will be needed & what details are useful for completing a K1?

@candice0517  A K-1 is a form resulting from the preparation of an 1120S (S-Corporation) or 1065 (Partnership) income tax return.

While you could technically prepare one without doing said income tax returns, by the time you had the necessary information, you'd do just as well to do the return and generate the K-1s.

At any rate, the relevant details are usually as follows:

P&L for the correct year

% of ownership and other relevant %s

As necessary for the 199A, the profit, depreciation basis, and wages for the officers in question

Various other bits and bobs

Really though, whoever you have doing your business return should be able to provide the K1s without issue.

To complete a K1 form, you can generate the Profit and Loss (P&L) and Balance Sheet reports. These reports can help provide the financial data needed to accurately fill out the form. Let me expound the details below.

To begin, it’s important to note that there are four main types of entities required to file a K-1 form: Business partnerships, LLCs with at least two partners or those that elect to be taxed as corporations, S corporations, and trusts and estates. Each of these entities uses a different type of K-1 form, although the forms are similar in many ways and have slight variations based on the filing entity.

The P&L report plays a crucial role by showcasing the net income, which helps in allocating profits among partners and shareholders based on the business structure. This report breaks down the revenue and expenses occurred during a specific period, giving a clear picture of the business's operational performance.

On the other hand, the Balance Sheet report provides a snapshot of the company's financial standing at a specific point in time. It includes assets, liabilities, and partners' equity. This report is particularly useful for understanding the nuances of partners' equity changes, assessing loan balances, and comprehensively evaluating other financial matters pivotal for filling out the K-1 form.

Here's how you can run the reports:

1. Go to the Reports menu.
2. Click Standard reports.
3. In the search field, enter Profit and Loss or Balance Sheet.

Considering the importance of accuracy in filing tax forms, I encourage you to reach out to a tax professional or your accountant. They can offer personalized advice tailored to your specific situation, ensuring compliance and optimization of your tax filings.

Furthermore, you may find it useful to explore this website, it assists with the creation of K1 forms: https://turbotax.intuit.com/personal-taxes/online/.

In addition, for your convenience, you might find this article on how to memorize reports beneficial. It offers guidance on how to save the settings of a customized report, allowing you to access it easily at any time. Create, access, and modify memorized reports.

Should you have any further queries or require additional assistance as you navigate through your tax preparations, please don't hesitate to reach out. Your financial management is important, and I'm here to help every step of the way.