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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

Updated on September 9, 2020

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