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Schedule K-1 (Form 1120S) - Overview - Taxslayer Pro Support: What You Should Know

Schedule K-1 (Form 1120S) — Deductions — Support Sep 13, 2023 — To enter the Deductions items from a Schedule K-1 (Form 1120-S) in Taxpayer Pro from the Main Menu of the Tax Return (Form 1040) select: Deductions Menu; General Sep 13, 2023 — To go back to Taxpayer Pro Main Menu go to: Taxpayer Pro Main Menu Income Menu Sep 13, 2023 — Go Back Schedule K-1 (Form 1120S) -- General Sep 13, 2023 — To enter the General Items in a Schedule K-1 (Form 1120-S), go to: General Menu Click the Deductions' menu under the Section Headings on the left. Deductions menu under the Section Headings on the left. For each box, enter what you want to enter the box, then click the Checkboxes at the top to select the item. You can also check each box by using the keyboard arrows and enter the item number in one click. For example, enter 4500 in box 11, then click the checkbox next to box 11. Schedule K-1 (Form 1120S) -- General Sep 13, 2023 — To go back to General Menu go to: General Menu, then: Income Menu Sep 13, 2023 — Go Back Schedule K-1 (Form 1120S) -- Deductions — Income Sep 13, 2023 — To use the Deductions' menu on a Schedule K-1 (Form 1120S), select: Deductions -- Income Under “Income” go to “Incomes.” (If you go directly to “Income” from the right side of your Tax Return, select “Income”, then “Income” is below “Income” above in the list. If you click on the “Income” menu box directly from the left side of the menu, then select “Income” you will go back to “Income” in the menu. ) Under “Income” go to “Incomes.” (If you go directly to “Income” from the right side of your Tax Return, select “Income”, then “Income” is below “Income” above in the list.

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FAQ - Schedule K-1 (Form 1120S) - Overview - Taxslayer Pro Support

Does Schedule K-1 need to be filed with 1120S?
If you are an owner or investor in an S corp, you likely need to file the Schedule K-1 Form 1120S. You won't have to submit the physical form to the IRS, as they already get a copy with the business tax return.
What is a form 1120S Schedule K-1?
Schedule K-1 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, etc. The S corporation files a copy of this schedule with the IRS to report your share of the corporation's income, deductions, credits, etc.
Where do I report k1 income on 1120S?
General Instructions The corporation uses Schedule K-1 to report your share of the corporation's income, deductions, credits, and other items. Keep it for your records. Don't file it with your tax return unless backup withholding is reported in box 13 using code O.
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