In Keystone Tax Solutions Pro, Form 1120 (Corporation Income Tax Return), Form 1120S (Income Tax Return for an S Corporation), Form 1065 (Return of Partnership Income), and Form 1041 (Income Tax Return for Estates and Trusts) each has a place to indicate the number of shareholders, partners, or beneficiaries as required by the return.
Form 1120: Editing the number of shareholders:
The number of shareholders on Form 1120 must be entered on Schedule K if there are fewer than 100. To input the number of shareholders, from the Main Menu of the Tax Return (Form 1120) select:
- Schedule K
- Other Information
- Number of Shareholders at Year End
Form 1120-S: Editing the number of shareholders:
In Form 1120-S you must create a Schedule K-1 entry for each shareholder. The program will enter the total number of shareholders on line I of Form 1120-S. To create a Schedule K-1 for a shareholder, from the Main Menu of the Tax Return (Form 1120-S) select:
- Schedule K – Distributive Share Items
- Schedule K-1 Input
- New
Enter the information for the shareholder as prompted.
Form 1065: Editing the number of partners:
In a Form 1065 you must input a Schedule K-1 entry for each partner. To create a Schedule K-1 for a partner, from the Main Menu of the Tax Return (Form 1065) select:
- Schedule K – Distributive Share Items
- Schedule K-1 Input
- New
Enter the information for the partner as prompted.
Form 1041: Editing the number of beneficiaries:
In a Form 1041 you must input a Schedule K-1 entry for each beneficiary. To input a Schedule K-1 for a beneficiary, from the Main Menu of the Tax Return (Form 1041) select:
- Schedule K – Distributive Share Items
- Schedule K-1 Input
- New
Enter the information for the beneficiary as prompted.