To enter a K-1 (Form 1065) in Web1040 Pro 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 1065).
See below basic information on each part of the Income section of the Schedule K-1 1065 Menu. For additional information regarding the requirements for Schedule K-1 (Form 1065) see: Partner's Instructions for Schedule K-1 (Form 1065).
Part III - Partner's Share of Current Year Income, Deductions, Credits, etc.
- Actively Managed Passive Loss Carryover
- Disposition Gain/Loss
- Other Passive Loss Carryover
- Where Do You want to Carry Gain/Loss?
- Line 1 - Ordinary Business Income (Loss)
- Line 2 - Net Rental Real Estate Income (Loss)
- Line 3 - Other Net Rental Income (Loss)
- Line 4 - Guaranteed Payments
- Line 5 - Interest Income
- Line 6a - Ordinary Dividends
- Line 6b - Qualified Dividends
- Line 7 - Royalties
- Line 8 - Net Short-Term Capital Gain (Loss)
- Line 9a - Net Long-Term Capital Gain (Loss)
- Line 9b - Collectible (28%) Gain (Loss)
- Line 9c - Unrecaptured Section 1250 Gain
- Line 10 - Net Section 1231 Gain (Loss)
- Line 12 - Section 179 Deduction
NOTE: This is a guide on entering Schedule K-1 (Form 1065) into theWeb1040 Pro program. This is not intended as tax advice.
Additional Resources:
Partner's Instructions for Schedule K-1 (Form 1065)
Form 1040 - Schedule K-1 (Form 1065) - Overview
Form 1040 - Schedule K-1 (Form 1065) - Entity Information