To enter a K-1 (Form 1041) 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 1041).
The Form 1041 K-1 Edit Screen has two sections; Part I - Information About the Estate/Trust and Part III - Beneficiary's Share of Income, Deductions, Credits, etc.
Part I - Information About the Estate/Trust
- Estate/Trust Belongs To - Select either the Taxpayer or the Spouse. If filing single, the program will default to the taxpayer.
- Estate/Trust Name, EIN and Address - Following that, you will enter the Estate/Trust's name, EIN and address.
Part II - Beneficiary's Share of Income, Deductions, Credits, etc
NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1041) into the TaxSlayer program. This is not intended as tax advice.