If you receive a Schedule K-1 that needs to be reported on your individual federal 1040 return, use the steps below to enter the information in TaxAct®. How you report the income depends on which Schedule K-1 you received: 

• Schedule K-1 (Form 1065) Partner's Share of Income, Credits, Deductions
• Schedule K-1 (Form 1120S) Shareholder's Share of Income, Credits, Deductions
• Schedule K-1 (Form 1041) Beneficiary's Share of Income, Credit, Deductions

Enter Schedule K-1 for Form 1065 (Partnerships)

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
2. Click Business Income to expand the category, then click Partnership Income (Form 1065 Schedule K-1)
3. Click New Copy of Partnership Schedule K-1 (Desktop users click Add) to create a new Schedule K-1, or click Review to review a copy already created
4. The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1065) for more information.

Enter Schedule K-1 for Form 1120S (S Corporation)

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
2. Click Business Income to expand the category, then click S-Corporation Income (Form 1120S Schedule K-1)
3. Click New Copy of S Corporation Schedule K-1 (Desktop users click Add) to create a new Schedule K-1, or click Review to review a copy already created
4. The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1120S) for more information.

Enter Schedule K-1 for Form 1041 (Estates & Trusts)

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
2. Click Other Income in the middle of the screen to expand the category, then click Estate or trust income (Form 1041 Schedule K-1)
3. Click New Copy of Estate and Trust Schedule K-1 (Desktop users click Add) to create a new Schedule K-1, or click Review to review a copy already created
4. The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1041) for more information.

Related Links

• Purpose of Schedule K-1 (Form 1065)
• Purpose of Schedule K-1 (Form 1120S)
• Purpose of Schedule K-1 (Form 1041)