Colorado K-1 (DR 01016K) reports a pass-through entity's share of income, deductions, and state adjustments specifically for Colorado filing. These forms often detail various income components such as ordinary business income, net rental real estate income, interest, dividends, and capital gains, along with relevant state-specific deductions and credits. The inherent variations in layout and extensive footnotes across different Colorado K-1 (DR 01016K) documents, often differing by preparer and software, can significantly slow down the manual review process for tax professionals. Abacus addresses this challenge by meticulously extracting all relevant fields from K-1 (DR 01016K) PDFs and normalizing them into standardized Excel workbooks. This comprehensive process includes accurate handling of federal and state add-backs, various Colorado tax credits, and detailed ownership information, ensuring a clean and efficient import directly into tax preparation software like CCH or GoSystem.
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