How Can I Enter Schedule K-1 (Form 1041) Income, Deductions and Credits in the ProWeb?

Follow the instructions below to enter a Schedule K-1 (Form 1041) in the Taxx Savage ProWeb:

Go to the Main Menu of a Tax Return (Form 1040)
From the menu, go to the Federal Section
Then to the Income Menu
From the menu, select Other Income
Choose K-1 Earnings - Click the Begin option that is next to Schedule K-1 (Form 1041)

There are two sections on the Edit page of the Form 1041 K-1:

Part I - The Estate’s/Trust’s Information

Part II - The Beneficiary’s ration of Credits, Income, Deductions, etc.

Part I - The Estate’s/Trust’s Information

Estate/Trust Belongs To - Choose either of the Taxpayer or their spouse. In case you are filing single returns, the program will automatically set the taxpayer.
Estate/Trust Name, EIN, and Address

Part II - The Beneficiary’s ration of Credits, Income, Deductions, etc.

Click here for detailed information on the Beneficiary’s ration of Income.

Click here for detailed information on the Beneficiary’s ration of Deductions and Credits.

More Information: