S1WS Partnership Income

Updated: 2025-04-25

S1 Allocation Worksheet

Use the S1 Allocation Worksheet (S1WS) to enter the partnership’s total income and expenses to be categorized before allocating to each partner. The basis for the allocation can be determined in the Partner Allocation Worksheet.

1. Enter taxable income and expenses for all partners on the S1WS. These amounts flow through to the individual T5013 slips based on the allocation method chosen. Only the amounts entered on the S1WS will flow through to the individual partner slips.
2. At the top of the S1WS, check No next to Hide generic boxes section to see additional rows in each section of the rest of the form. This allows you to add less common boxes to the worksheet.
3. Some tax credits are calculated from federal schedules and then flow to the S1WS for partner allocation. TaxCycle will show these as calculated fields, which you can double click to go to the source schedule. 

Partnership Income Reconciliation

1. This largely non-editable section provides a reconciliation of the amounts allocated to partners against the net taxable income as calculated on Schedule 1.
2. Select a reporting line for the residual unallocated net taxable income.
   
3. Some lines only apply to Limited partners. You can enter details for those amounts further down the worksheet.
   

Capital Account

1. In the Capital account section, check Yes to automatically allocate capital account amounts to all partners based on your selected allocation method.

Adding Generic Boxes

To add generic boxes to T5013 slips:

1. At the bottom of each major section, you can add Generic boxes to all T5013Partner slips.
2. Begin typing the number or the description of the box you need, or select it from the drop-down list. TaxCycle suggests and completes the box number as you type. Press Tab to select the suggested box number and description and move to the field for entering the amounts.
3. TaxCycle automatically adds a new blank row for additional boxes.

Québec Returns (TPFWS)

If you are filing a Québec TP-600 return, the S1WS flows to the SF Allocation worksheet (TPFWS) when you answer Yes to the “TP-600 required?” question on the Info worksheet.