This article focuses solely on the entry of the Income (or Loss) items which are found on Lines 1 through 10 of the Schedule K-1 (Form 1120-S) Shareholder's Share of Current Year Income, Deductions, Credits, and Other Items. For additional information regarding the requirements for Schedule K-1 (Form 1120S), 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)
Rents, Royalties, Entities (Sch E, K-1, 4835, 8582)
K-1 Input - Select New and double-click on Form 1120-S K-1 (S Corporation) which will take you to the K-1 Heading Information Entry screen. If the initial K-1 entry was previously keyed in, double-click the entry in the K-1 pick list.
- Line 1 - Ordinary Income/Loss from Trade or Business Activities
- Line 2 - Net Income/Loss from Rental Real Estate Activities
- Line 3 - Net Income/Loss from Other Rental Activities
- Line 4 - Interest
- Line 5A - Ordinary Dividends
- Line 5B - Qualified Dividends
- Line 6 - Royalties
- Line 7 - Net Short-Term Capital Gain/Loss
- Line 8A - Net Long-Term Capital Gain/Loss
- Line 8B - Collectible (28%) Rate Gain/Loss
- Line 8C - Unrecaptured Section 1250 Gain
- Line 9 - Net Gain/Loss under Section 1231
- Line 10A - Other Portfolio Income (Loss)
- Line 10B - Involuntary Conversions
- Line 10C - Section 1256 Contract & Straddles
- Line 10D - Mining Exploration Costs Recapture
- Line 10E - Other Income (Loss)
- Line 11 - Section 179 Deduction
For more information on the categories click here.
For more information about the Section 179 Deduction click here.
Note: This is a guide on entering the Income (Loss) items from Schedule K-1 (Form 1120S) into the TaxSlayer program. This is not intended as tax advice.
IRS: 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
ProWeb - Form 1040 - Schedule K-1 (Form 1120S) - Deductions