ProWeb – Form 1040 – Schedule K-1 (Form 1065) Credits

To enter a K-1 (Form 1065) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select:

1. Federal Section
2. Income Menu
3. Other Income
4. K-1 Earnings – Select ‘Begin’ next to Schedule K-1 (Form 1065).

See below basic information on each part of the Income section of the Schedule K-1 1065 Menu. For additional information regarding the requirements for Schedule K-1 (Form 1065) see: Partner’s Instructions for Schedule K-1 (Form 1065).

Part III – Partner’s Share of Current Year Income, Deductions, Credits, etc.

Other Deductions 

• Line 13A – Cash Contributions 50% 
• Line 13B – Cash Contributions 30% 
• Line 13H – Investment Interest Expense
• Line 13I – Deductions to Royalty Income 
• Line 13K – Deductions Portfolio (2% Floor) 
• Line 13L – Other Deductions Portfolio 
• Line 13M – Amounts Paid for Medical Insurance
• Line 13O – Dependent Care Benefits 

For more information about Other Deductions click here.

NOTE: This is a guide on entering Schedule K-1 (Form 1065) into the Keystone Tax Solutions program.  This is not intended as tax advice. 

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Additional Resources:

Partner’s Instructions for Schedule K-1 (Form 1065)

ProWeb – Form 1040 – Schedule K-1 (Form 1065) – Overview

ProWeb – Form 1040 – Schedule K-1 (Form 1065) – Entity Information

ProWeb – Form 1040 – Schedule K-1 (Form 1065) – Deductions

ProWeb – Form 1040 – Schedule K-1 (Form 1065) – Income