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

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)

See below basic information on each line of the Heading Information section of the Schedule K-1 1120S Edit Menu. For additional information regarding the requirements for Schedule K-1 (Form 1120S) see: Shareholder’s Instructions for Schedule K-1 (Form 1120S).

Part II – Information About the Shareholder

  • S-Corporation belongs to

Part I – Information About the S-Corporation

  • S-Corporation Name/EIN/Address 

Check the box if… 

  • K-1 is from Passive Entity 
  • There is an amount on line 2 and this is a NonPassive Entity and you Materially Participate 
  • There is an amount on line 2 and you Actively Participate 
  • All Investment is At-Risk
  • Entire Interest in Investment has been disposed
  • Prior Year Unallowed Loss 

 For information about the above categories click here.

NOTE: This is a guide on entering 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) – Income

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

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

Updated on September 8, 2020

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