ProWeb – Form 1040 – Schedule K-1 (Form 1041) Income, Deductions, Credits, etc

To enter a Schedule K-1 (Form 1041) in Keystone Tax Solutions ProWeb, from the Main Menu of the Tax Return (Form 1040) select:

• Federal Section
• Income Menu
• Other Income
• K-1 Earnings
• Begin next to Schedule K-1 (Form 1041).

The Form 1041 K-1 Edit Screen has two sections; 

• Part I – Information About the Estate/Trust
• Part III – Beneficiary’s Share of Income, Deductions, Credits, etc. 

Part I – Information About the Estate/Trust 

• Estate/Trust Belongs To – Select either the Taxpayer or the Spouse. If filing single, the program will default to the taxpayer.
• Estate/Trust Name, EIN, and Address

Part II – Beneficiary’s Share of Income, Deductions, Credits, etc

For detailed information about Beneficiary’s Share of Income click here.

For detailed information about Beneficiary’s Share of Deductions and Credits click here.

NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1041) into the Keystone Tax Solutions ProWeb program. This is not intended as tax advice.

Additional Information:

Instructions for Schedule K-1 (1041) for a Beneficiary Filing a Form 1040

ProWeb – Form 1040 – Schedule K-1 (Form 1041) Overview