To enter a K-1 (Form 1065) 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 1065).
See below basic information on each part of the Income section of the Schedule K-1 1065 Menu. For additional information regarding the requirements for Schedule K-1 (Form 1065) see: Partner's Instructions for Schedule K-1 (Form 1065).
Part III - Partner's Share of Current Year Income, Deductions, Credits, etc.
- Line 13A - Cash Contributions 50%
- Line 13B - Cash Contributions 30%
- Line 13H - Investment Interest Expense
- Line 13I - Deductions to Royalty Income
- Line 13K - Deductions Portfolio (2% Floor)
- Line 13L - Other Deductions Portfolio
- Line 13M - Amounts Paid for Medical Insurance
- Line 13O - Dependent Care Benefits
NOTE: This is a guide on entering Schedule K-1 (Form 1065) into the TaxSlayer program. This is not intended as tax advice.