To enter the income items from Schedule K-1 (Form 1120-S) 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 1120-S).
See below basic information on each line of the Heading Information section of the Schedule K-1 1120-S Edit Menu. For additional information regarding the requirements for Schedule K-1 (Form 1120S) see: Shareholder's Instructions for Schedule K-1 (Form 1120S).
Part II - Information About the Shareholder
- S-Corporation belongs to
Part I - Information About the S-Corporation
- S-Corporation Name/EIN/Address
Check the box if...
- K-1 is from Passive Entity
- There is an amount on line 2 and this is a nonpassive Entity and you materially participate
- There is an amount on line 2 and you Actively Participate
- All Investment is At-Risk
- Entire Interest in Investment has been disposed
- Prior Year Unallowed Loss
For information about the above categories click here.
Note: This is a guide on entering Schedule K-1 (Form 1120-S) into TaxSlayer ProWeb. This is not intended as tax advice.
Additional Information:
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) - Income