Schedule K-1 is a tax document used to report the income, deductions, credits, capital gains, and other items for:
- partners in a partnership;
- shareholders of an S corporation;
- beneficiaries of an estate or trust.
S corporation
To create Schedule K-1 for a shareholder in an S corporation return (Form 1120-S), from the Main Menu of the return select:
- Schedule K - Distributive Share Items
- Schedule K-1 Input - Select either New or if you prepared the return last year Pull.
Partnership
To create Schedule K-1 for a partner in a partnership return (Form 1065), from the Main Menu of the return select:
- Schedule K - Distributive Share Items
- Schedule K-1 Input - Select either New or if you prepared the return last year Pull.
Estate or Trust
To create Schedule K-1 for a beneficiary on an estate or trust return (Form 1041), from the Main Menu of the return select:
- Schedule K - Distributive Share Items
- Schedule K-1 Input - Select either New or if you prepared the return last year Pull.
Schedule B is used to determine the amounts to be distributed to the beneficiary(ies). Once all income and deductions have been entered in the return, from the Main Menu of the return select:
- Deductions
- Income Distribution Deduction (Schedule B) - Complete as needed. See the From 1041 instructions for more information.
Note: This is a guide on creating Schedule K-1 in the partnership, S corporation, and estate and trust returns in the TaxSlayer Pro program. This is not intended as tax advice.
Additional Information:
Desktop: Schedule K-1 (Form 1065) - Overview