What is the form used for? :
Schedule K-1 (Form 1065) with the IRS to report your share of the partnership's income, deductions, credits, etc. A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include partnership items on their tax or information returns.
Schedule K-1 (Form 1120S) is a source document prepared by a corporation as part of the filing of their tax return (Form 1120S). After filing Form 1120S, each shareholder is provided a Schedule K-1 by the corporation. The K-1 reflects a shareholder's share of income, deductions, credits, and other items the shareholder will need to report on their tax return (Form 1040).
Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc., including recent updates, related forms, and instructions on how to use. Schedule K-1 (Form 1041) is used to report a beneficiary's share of the estate’s or trust’s income, credits, deductions, etc., on your Form 1040.
Is the form Supported in our program? Yes
How to access the form: After opening a 1065/1120C/1120S/1041 type return on the Desktop program, go to Form > Add Form/Display List, and search for Sch K1
Limits to the form: This form can be copied as many times as needed