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The way you report the income from your Schedule K-1 on your federal 1040 return depends on the type of K-1 received. There are three types of K-1s that this applies to:

  • 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

To 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 +Add Partnership Schedule K-1 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.

To 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 +Add S Corporation Schedule K-1 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.

To 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 +Add Estate and Trust Schedule K-1 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.

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