This article focuses solely on the entry of the Deduction items which are found on Part III of the Schedule K-1 (Form 1120-S) Shareholder's Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1120-S), see: Shareholder's Instructions for Schedule K-1 (Form 1120-S).
To enter the Deduction items from a K-1 (Form 1120S) 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 1120S)
See below basic information on each part of the Deductions section of the Form 1120S K-1 Menu. For additional information regarding the requirements for Schedule K-1 (Form 1065) see: Shareholder’s Instructions for Schedule K-1 (Form 1120S).
Other Deductions
- Cash Contributions 60%
- Cash Contributions 30%
- Contributions (100%)
- Investment Interest Expense
- Deductions to Royalty Income
- Section 59E(2) Expenditures
- Section 965(c) Deduction
NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1120S) into the Web1040 Pro program. This is not intended as tax advice.
Additional Resources:
Shareholder’s Instructions for Schedule K-1 (Form 1120S)
Form 1040 - Schedule K-1 (Form 1120S) - Overview
Form 1040 - Schedule K-1 (Form 1120S) - Entity Information