This article will help you enter a K-1 from a partnership into the 1040 return in ProSeries.
To open the Schedule K-1 Worksheet:
- Open the Individual return.
- Press F6 to bring up Open Forms.
- Type P to highlight the K-1 Partner.
- Click OK.
- Select the existing K-1 and click Select or enter the partnership name and click Create.
- Complete Part I-III from the Schedule K-1 received.
For tax year 2021:
Starting in tax year 2021, the IRS updated the Schedule K-1 to include a new Schedule K-3 to show the shareholder share of International Transactions. See Generating the Schedules K-2 and K-3 in ProSeries for entry details.