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

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.

  • Actively Managed Passive Loss Carryover
  • Disposition Gain/Loss 
  • Other Passive Loss Carryover
  • Where Do You want to Carry Gain/Loss? 

For detailed information about the above categories, please click here.

  • Line 1 – Ordinary Business Income (Loss)
  • Line 2 – Net Rental Real Estate Income (Loss) 
  • Line 3 – Other Net Rental Income (Loss) 
  • Line 4 – Guaranteed Payments 
  • Line 5 – Interest Income
  • Line 6a – Ordinary Dividends 
  • Line 6b – Qualified Dividends 
  • Line 7 – Royalties 
  • Line 8 – Net Short-Term Capital Gain (Loss) 
  • Line 9a – Net Long-Term Capital Gain (Loss) 
  • Line 9b – Collectible (28%) Gain (Loss) 
  • Line 9c – Unrecaptured Section 1250 Gain 
  • Line 10 – Net Section 1231 Gain (Loss) 
  • Line 12 – Section 179 Deduction 

For more information about the above categories, please 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.


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) – Credits

Updated on September 9, 2020

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