Indiana K-1 (IT-20S/IT-65) reports a partner's or shareholder's share of income, deductions, and state adjustments from a pass-through entity (such as an S-corporation or partnership) for Indiana filing. These forms often detail various income types like ordinary business income, net rental real estate income, interest income, and dividend income, as well as specific Indiana adjustments, additions, and subtractions. The disparate layouts and extensive footnotes across different Indiana K-1 forms, which can vary significantly by preparer and software, often lead to a time-consuming and error-prone manual review process for tax professionals. Abacus mitigates these challenges by accurately extracting all relevant fields from Indiana K-1 (IT-20S/IT-65) PDFs and normalizing them into standardized Excel workbooks. This comprehensive process includes meticulous handling of federal and state add-backs and subtractions, various Indiana tax credits, and detailed ownership information, ensuring the data is clean, validated, and ready for efficient import directly into tax preparation software like CCH or GoSystem.
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