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ProWeb – Form 1040 – Schedule K-1 (Form 1120S) Credits

This article focuses solely on the entry of the Deduction items which are found on Boxes 11 and 12 of the Schedule K-1 (Form 1120-S) Shareholder’s Share of Income, Deductions, Credits, etc.  For additional information regarding the requirements for Schedule K-1 (Form 1120-S), see: Shareholder’s Instructions for Schedule K-1 (Form 1120-S).

To enter the income items from a K-1 (Form 1120S) in Keystone Tax Solutions from the Main Menu of the Tax Return (Form 1040) select:

  • Federal Section
  • Income Menu
  • Other Income
  • K-1 Earnings – Select ‘Begin‘ next to Schedule K-1 (Form 1120S)

K-1 Input – Select ‘New’ and double-click on Form 1120S K-1 (S Corporation) which will take you to the K-1 Heading Information Entry Menu. All information in this menu must be entered to continue. If this step has been previously completed, double-click on the corporation entry, or select the entry from the list and select the Edit button.

Other Deductions

  • Cash Contributions 60%
  • Cash Contributions 30%
  • Contributions (100%)
  • Investment Interest Expense
  • Deductions to Royalty Income
  • Section 59E(2) Expenditures
  • Section 965(c) Deduction

 For more information about Other Deductions click here.

NOTE: This is a guide on entering the Deduction items from Schedule K-1 (Form 1120S) into the Keystone Tax Solutions program.  This is not intended as tax advice.


Additional Resources:

Shareholder’s  Instructions for Schedule K-1 (Form 1120S)

ProWeb – Form 1040 – Schedule K-1 (Form 1120S) – Overview

ProWeb – Form 1040 – Schedule K-1 (Form 1120S) – Entity Information

ProWeb – Form 1040 – Schedule K-1 (Form 1120S) – Income

ProWeb – Form 1040 – Schedule K-1 (Form 1120S) – Deductions

Updated on September 8, 2020

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