How Can I Enter Schedule K-1 (Form 1065) Credits in ProWeb?
To enter a K-1 (Form 1065) in the Taxx Savage program:
- Go to the Main Menu of a Tax Return (Form 1040)
- Proceed to the Federal Section
- Then go to the Income Menu
- Select Other Income
- Select K-1 Earnings - click the Begin option that is next to Schedule K-1 (Form 1065)
More Information concerning the Schedule K-1 (Form 1065) requirements is found in the Partner’s Instructions for Schedule K-1 (Form 1065).
Basic Information on all the parts of the Income section of Schedule K-1 1065 Menu are contained below:
Part III - Partner’s Share of Current Year Income, Deductions, Credits, etc.
Other Deductions
- Line 13A - Cash Contributions 50%
- Line 13B - Cash Contributions 30%
- Line 13H - Investment Interest Expense
- Line 13I - Deductions to Royalty Income
- Line 13K - Deductions Portfolio (2% Floor)
- Line 13L - Other Deductions Portfolio
- Line 13M - Amounts Paid for Medical Insurance
- Line 13O - Dependent Care Benefits
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