Pennsylvania K-1 (RK-1 PA-41) reports a resident's share of a pass-through entity's income, deductions, and state adjustments for Pennsylvania personal income tax (PIT) filing. These forms often contain specific Pennsylvania-sourced income, such as partnership income, S-corporation income, and other gains and losses, as well as various state-specific deductions and credits. The wide variations in layout, coupled with extensive footnotes that differ by preparer and software, frequently make the manual review process time-consuming and prone to errors for tax professionals. Abacus addresses these challenges by leveraging advanced OCR (Optical Character Recognition) and AI to precisely extract all relevant fields from K-1 (RK-1 PA-41) PDFs and normalize them into standardized Excel workbooks. This includes meticulous handling of Pennsylvania-specific add-backs, various state tax credits, and detailed ownership information, ensuring accurate and efficient data import directly into tax preparation software like CCH or GoSystem.
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