To enter a Schedule K-1 (Form 1041) in Web1040 Pro , from the Main Menu of the Tax Return (Form 1040) select:
- Federal Section
- Income Menu
- Less Common Income
- K-1 Earnings
- Begin next to Schedule K-1 (Form 1041).
The Form 1041 K-1 Edit Screen has three sections;
- Part I - Information About the Estate/Trust
- 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
Part III - Beneficiary's Share of Income, Deductions, Credits, etc.
Qualified Business Income, Section 199A
NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1041) into the Web1040 Pro program. This is not intended as tax advice.
Additional Information:
Instructions for Schedule K-1 (1041) for a Beneficiary Filing a Form 1040