This article focuses solely on the entry of the Deduction items which are found on Boxes 11 and 12 of the Schedule K-1 (Form 1120-S) Shareholder's Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1120-S), see: Shareholder's Instructions for Schedule K-1 (Form 1120-S).
To enter the income items from a K-1 (Form 1120S) in TaxSlayer from the Main Menu of the Tax Return (Form 1040) select:
- Federal Section
- Income Menu
- Other Income
- K-1 Earnings - Select 'Begin' next to Schedule K-1 (Form 1120S)
K-1 Input - Select 'New' and double-click on Form 1120S K-1 (S Corporation) which will take you to the K-1 Heading Information Entry Menu. All information in this menu must be entered to continue. If this step has been previously completed, double-click on the corporation entry, or select the entry from the list and select the Edit button.
Other Deductions
- Cash Contributions 60%
- Cash Contributions 30%
- Contributions (100%)
- Investment Interest Expense
- Deductions to Royalty Income
- Section 59E(2) Expenditures
- Section 965(c) Deduction
For more information about Other Deductions click here.
NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1120S) into the TaxSlayer program. This is not intended as tax advice.
Additional Resources:
Shareholder’s Instructions for Schedule K-1 (Form 1120S)
ProWeb - Form 1040 - Schedule K-1 (Form 1120S) - Overview
ProWeb - Form 1040 - Schedule K-1 (Form 1120S) - Entity Information