K-1 (Form 1041) reports a trust's or estate's share of income, deductions, and state adjustments, which can include items like interest, dividends, capital gains, and various deductions. The various layouts and extensive footnotes across these forms, often varying by preparer and software, can significantly slow down the review process for tax professionals as they manually sift through pages of data and reconciliations. Abacus streamlines this by leveraging advanced OCR and AI to extract all relevant fields from K-1 (Form 1041) PDFs and normalizing them into standardized Excel workbooks. This comprehensive process includes meticulous handling of federal and state add-backs, various tax credits (such as foreign tax credits or credits for prior year minimum tax), and detailed ownership information for beneficiaries, ensuring a clean, accurate, and efficient import directly into tax preparation software like CCH Axcess or GoSystem Tax RS, drastically reducing manual data entry and potential errors.