A common question that we receive from users centers on where to enter on an individual’s tax return (1040) certain items that were reported on a Schedule K-1 to a taxpayer based on their status as partner, shareholder or beneficiary to the entity that created the Schedule K-1.
To assist our customers with Schedule K-1’s, the Pro Support Knowledgebase was enhanced over the past year to create a series of articles based on the different types of Schedule K-1’s (1065, 1120S and 1041). These articles describe where to enter in the program and ultimately report on the 1040 all items contained on these documents.
This series of K-1 articles can be found in the Knowledgebase under the Help Categories > Tax Questions > Schedule K-1. Select the entity type that issued the Schedule K-1. Multiple articles are available under each entity type. Select the article that corresponds to the section of the type of Schedule K-1 that you need to address. Specific instructions will then be provided corresponding to each line item on the Schedule K-1.