To enter a Schedule K-1 in the individual module, follow these steps:
- Go to Screen 20, Passthrough K-1's.
- Select the type of entity (partnership, S corporation, estate or trust, REMIC) from the Passthrough K-1's box in the left panel.
- Enter the applicable information in the sections Part I and Part II for the entity and partners, shareholders, or beneficiaries - this information carries over from year to year.
- Enter the applicable information in the section Part III for the current year income and loss.
Items without specific input
Some items are more generic and might not have a specific input in the program. If the amount should be included on the return, and there isn't a specific input field for it, follow these steps:
- Locate the Frequently Asked Questions or Where do I enter links in each section heading (the light blue bar with the section title).
- Select the links for each section, to review additional information.
- If there isn't a link in the section heading to offer further detail, entries may be made in the Separately Stated Income and Deductions section. This can be found by scrolling down to that section, or by selecting it in the lower left Sections menu.