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)
See below basic information on each line of the Heading Information section of the Schedule K-1 1120S 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
NOTE: This is a guide on entering Schedule K-1 (Form 1120S) into the TaxSlayer program. This is not intended as tax advice.