K-1 Extraction Suite — Neptune Data

What goes in

Whole packages, not clean excerpts

A K-1 package is 40–60 pages and most of it is noise. The suite reads what matters and provably ignores what doesn't.

The K-1 face. Boxes 1–21, partner information and the Part II Item L capital account — the primary source.
Supplemental statements. Box component breakdowns, AMT (17-series) detail, Item L income reconciliations and footnotes, read line by line.
Schedule K-3. Foreign-source income, deductions and taxes by category column — the only source the foreign tab will accept.
State equivalents, excluded. IT-204s, RK-1s and their kin are detected and kept out, so state figures never contaminate federal boxes.

The rules

Extraction a reviewer can hold to account

Four hard rules govern every run — encoded from how experienced preparers check the work.

The totals rule

Every box's components must sum exactly to the printed total — on the face, or the statement's own TOTAL line. No component ever stands in for a whole box.

The column rule

K-3 foreign amounts are the sum of the foreign category columns — never the U.S. column, never the grand total. A classic FTC error, eliminated by construction.

The roll-forward check

Beginning capital + contributions + income + withdrawals must reach ending capital; anything unexplained surfaces as an explicit adjustment line.

The reconciliation self-check

Where the package includes an Item L income reconciliation, extracted items must reproduce it before the run is accepted — even $1 items count.

What comes out

Four outputs, one source of truth

The reconciled workbook. One Excel file per tax year: a detail tab with a column per fund and canonical rows for every box; a foreign tax credit tab; a capital-changes partner allocation worksheet; a non-passive split. Totals are live formulas, and prior-year columns appear automatically.
The interactive data view. The workbook's tabs in the browser. Extracted cells show the statement lines behind them and open the source PDF to the recorded page with the figure highlighted; calculated cells show their arithmetic as a process chart, every component one click away.
The entity map. Strategies, funds and capital flows as a visual — phantom income and loss positions flagged — with your matter's ownership structure layered in.
The AI analyst. Ask about any box, any fund, any discrepancy. Corrections agreed in review are remembered and applied to future extraction runs.

Box	Fund I	Fund II	Totals
1 · Ordinary income	812	390	2,148,300
5 · Interest income	340	185	96,410
9a · Net LT gain	275	310	483,920
13H · Inv. interest exp.	(420)	—	(31,750)

Interest Income — $340

Pulled from a K-1 PDF

📄 SAMPLE PE FUND I - 2024 K-1.pdf page 4 · highlighted

2024 K-1 Detail foreign capital changes non passive

Illustrative — all names and figures fictional.

Running at volume

Built for the season, not the demo

Pick from the records room

Select the packages already filed to the matter — no re-uploading, no renaming.

Runs on the server

Extraction continues if you close the laptop. Progress, per-document results and cost are visible throughout.

Cached per document

Each document's extraction is cached — re-runs only pay for what changed, and cancelling discards cleanly.

Clear and redo

One matter holds one run. Clear it and the matter returns to a blank slate — records untouched.

The K-1 season, reconciled.