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

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.

Self Employment Earnings

• Line 14A – Net Earnings (Loss) from Self-Employment
• Line 14B – Gross Farming Income
• Line 14C – Gross Non-Farm Income

For more information about Self Employment Earning click here.

Credits

• Line 15O – Backup Withholdings

For more information about Backup Withholding click here.

Alternative Minimum Tax Items

• Line 17A – Post-1986 Depreciation Adjustment 
  
• Line 17B – Adjusted Gain or Loss
• Line 17 C – Depletion (Other than Oil & Gas)
• Line 18A – Tax Exempt Interest Income
• Line 20A – Investment Income
• Line 20B – Investment Expenses
• Amount to Adjust from the Net Investment Income

For more information about Alternative Minimum Tax Items 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) – Income

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