1. Support
  2. Business Program / Business Returns
  3. Business Tax Questions

Schedule K-1 Input On A Business Return

A Schedule K-1 is a tax document used to report the incomes, losses, dividend receipts, and capital gains of partners or of shareholders of s corporations or from some trusts. The Schedule K-1 document is prepared for each partner or shareholder showing the share of income, loss, dividends and other income or loss.

Entering Schedule K-1 information for a S corporation shareholder in TaxSlayer Pro

From the Main Menu of the Tax Return (Form 1120-S) select:

  • Schedule K - Distributive Share Items
  • Schedule K-1 Input
  • Select New, or select Pull if you prepared the business return using the TaxSlayer Pro software in the previous year and wish to pull the data forward.

Entering Schedule K-1 information for a Partner in TaxSlayer Pro

You must input a Schedule K-1 for each partner. The program will keep track of the partners that are entered on the Schedule K and print the total number of Schedule K-1(s) on Line I of Form 1065. From the Main Menu of the Tax Return (Form 1065) select:

  • Schedule K - Distributive Share Items
  • Schedule K-1 Input
  • Select New, or select 'Pull' if you prepared the business return using the TaxSlayer Pro software in the previous year and wish to pull the data forward.

Entering Schedule K-1 information for a Estate or Trust Beneficiary in TaxSlayer Pro

You must input a Schedule K-1 for each beneficiary. The program will keep track of the beneficiaries that are entered on the Schedule K and print the total number of beneficiaries on line B of Form 1041. To enable the Form 1041 program to allocate amounts to the Schedule K-1(s), complete the Schedule B, Income Allocation, to generate a percentage. Once the percentage is generated, amounts will carry over to the Schedule K-1(s).

From the Main Menu of the Tax Return (Form 1041) select:

  • Schedule K-1
  • Schedule K-1 Input
  • Select New, or select Pull if you prepared the business return using the TaxSlayer Pro software in the previous year and wish to pull the data forward.

NOTE: This is a guide on entering K-1 information into the TaxSlayer Pro program. This is not intended as tax advice.