To enter the income items from Schedule K-1 (Form 1065) in TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select:
- Income Menu
- Other Income
- K-1 Earnings- Select BEGIN next to Schedule K-1 (Form 1065).
Part II - Information About the Partner
- Check here if the partnership is Foreign
Partnership Belongs To - If filing MFJ, select if the K-1 is for the Taxpayer or Spouse.
Part I - Information About the Partnership
- Enter the partnership's name, EIN, and address.
Check the box if...
- This K-1 is from passive entity - Check this box if the taxpayer doesn't materially participate in the partnership, or if the partnership is involved in rental activity and the partner is not materially involved.
- There is an amount on line 2 of the K-1 and this is a non-passive entity and you materially participate -
- There is an amount on line 2 of the K-1 and you actively participate -
- All Investment is At-Risk -
- Entire Interest in Investment has been disposed -
- Basis Computation is Required -
- K-1 is from a publicly traded partnership (PTP) - Check this box if Part I Item D is checked. Publicly traded partnerships are given different treatment as compared to other partnership interests.
Note: This is a brief guide on entering Schedule K-1 (Form 1065) in the individual income tax return in TaxSlayer ProWeb. This is not intended as tax advice.
Additional Information:
Partner's Instructions for Schedule K-1 (Form 1065)
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Overview
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Income
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Deductions
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Credits