How Can I Enter Schedule K-1 (Form 1065) Income in ProWeb?
To enter a K-1 (Form 1065) in Taxx Savage:
- Go to the Federal Section of a Tax Return (1040)
- Proceed to the Income Menu
- Select Other Income
- Select K-1 Earnings - Next to Schedule K-1 (Form 1065), click Begin.
For more information on the requirements for Schedule K-1 (Form 1065), check out Partner’s Instructions for Schedule K-1 (Form 1065). The basic information on parts of the income section of Schedule K-1 1065 Menu are below:
Part III - Partner’s Share of Current Year Income, Deductions, Credits, etc
- Actively Managed Passive Loss Carryover
- Disposition Gain/Loss
- Other Passive Loss Carryover
- The place you would like to Carry Gain/Loss.
To access Detailed information about the categories above, click here.
- 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
To access Additional information on the categories above click here.
Note: This is not tax advice. It is a guide on how to enter Schedule K-1 (Form1065) into the Taxx Savage program.
Additional Resources:
Partner's Instructions for Schedule K-1 (Form 1065)
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Overview
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Entity Information
ProWeb - Form 1040 - Schedule K-1 (Form 1065) - Deductions