How Can I Enter Schedule K-1 (Form 1065) Deductions in ProWeb?
In Taxx Savage ProWeb, to enter a K-1 (Form 1065), follow the instructions below:
- Go to the Federal Section of a Tax Return
- Proceed to the Income Menu
- From the Menu, select Other Income
- Go to K-1 Earnings - Next to Schedule K-1 (Form 1065), click on the Begin option.
More information concerning the requirements for Schedule K-1 (Form 1065) can be found at the Partner’s Instructions for Schedule K-1 (Form 1065).
Below is the basic information about every part in the income section of the Schedule K-1 1065 Menu:
Part I - Partner’s Share of Current Year Income, Deductions, Credits, etc.
Earnings From Self Employment
- Line 14A - Net Earnings or Loss coming from Self-Employment
- Line 14B - Gross Farming Income
- Line 4C - Gross Nonfarm Income
More information on Earnings from Self Employment is available here.
Credits
- Line 150 - Backup Withholdings
More Information on Backup Withholding is available here.
Alternative Minimum Tax Items
- Line 17A - Post-198 Depreciation Adjustment
- Line 17B - Adjusted Gain or Loss
- Line 17 C - Depletion (Other than Oil & Gas)
- Line 18A - Tax Exempt Interest Income
- Line 20A - Investment Income
- Line 20B - Investment Expenses
- Amount to Adjust from the Net Investment Income
Additional information about Alternative Minimum Tax Items is available here.
Note: This is not tax advice. It is a guide on how to enter Schedule K- (Form 1065) 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