This article focuses solely on the entry of the Credits 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 Credits 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).
Credits
- Backup Withholdings
Alternative Minimum Tax Items
- Post1986 depreciation adjustment
- Adjusted Gain or Loss
- Depletion (other than gas & oil)
- Tax Exempt Interest Income
Other Information
- Investment Income
- Investment Expenses
- Section 199A Income
- Section 199A W-2 Wages
- Section 199A Unadjusted Basis
- Section 199A REIT Dividends
- Section 199A PTP Income
- Excess Taxable Income
- Excess Business Interest Income
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