What is the Schedule K-1 (Form 1120S) Entity Information in ProWeb?
To enter a K-1 (Form 1065) in Taxx Savage:
- Go to the Federal Section of the Tax Return
- Click on the Income Menu
- Select Other Income
- Go to K-1 Earnings then next to the Schedule K-1 (Form 1120S) click the Begin button.
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:
To view Detailed Information on the options below, click here.
Part I - Information on the S-Corporation
- The Name, EIN, Address of the S-Corporation.
Check the box if ...
- K-1 is acquired from Passive Entity
- On line 2, there is an amount and that this is a NonPassive Corporation in which you Actively Participate
- On line 2 there is an amount and that you Actively Participate
- Every Investment is at Risk
- The whole interest in investment is disposed
- K-1 is acquired from a Partnership that is Publicly Traded (PTP)
- Previous Year Unallowed Loss
Part II - The Partner’s Information
- Check whether the Partnership is foreign
- Who owns the Partnership
Note: This is not Tax Advice. It is a guide on how to enter Schedule K-1 (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) - Income