Hello, my name is Doug. I work with Lacerte tax software. In this video, I will explain how to enter data from a K1 form for a pass-through entity, such as a 1120s corporation, a 1065 partnership, or a 1041 fiduciary. Please note that if you prepare the tax return for any of these pass-through entities and also prepare the individuals' 1040 return for the members, you can use the K1 transfer feature in the Lacerte tax program. This feature is covered in a separate video training course to provide as much assistance as possible in correctly reporting the K1 information. We have made data entry for K1 forms as straightforward and simple as possible. Additionally, we have included content-related help right on the input screen. This will provide you with the information you need when you need it. First, let me show you a useful tip. If the K1 preparer did not provide all the necessary information, you can refer to the IRS website. Many times, only the front page of the K1 form is provided, but on the back of the K1, there is a code guide. This guide explains most of the K1 codes and where to input them on the 1040 return. As you can see, the code guide tells you what each code represents and provides guidance on where to enter that code on the 1040 return. If additional guidance is needed, the code guide will direct you to the preparer's instructions on the supplemental pages of the K1 form. Now, let's take a look at the K1 input screens. I will open a client file that includes K1 pass-through data to be entered. From the content screen, I will open screen 20, which is specifically for K1 pass-through forms. Let's go over the layout of the input screen. On the...
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Schedule k-1 instructions Form: What You Should Know
Use these 2023 Partner's Instructions for Schedule K-1 (Form 1120-S) These instructions help you file Schedule K-1 (Form 1120 or Form 1065) with or without a tax preparer (other than a certified public accountant or attorney, and a partnership or a financial entity). The purpose of this 2031 Information Found on Schedule K-1 (Form 1065) Follow the instructions for federal Schedule K-1 (Form 1065) for these items. Generally, you must report items shown on your Schedule K-1 (Form 541) (and any amounts paid to an exempt shareholder). Use these 2032 Special Instructions to Schedule K-1 (Form 1120-S) Here are special instructions for the partners of an S corporation or a partnership. Generally, you must report items shown on your Schedule K-1 (Form 1120 or Form 1065) with or without a tax preparer (other than a certified public accountant or attorney). Keep a copy of this 2035 General Information; Part VII, Part VIA, and Part X Follow the general information for these items in Part VI, Part VII, Part VIA, and Part X of Schedule K-1. This part of the plan may be changed periodically; 2035a General Instructions to Schedule K-1 (Form 1065) Revised These instructions apply to this Form 1065 filing and include information about partnerships in general and about partnerships with other types of partners. These general 2035b General Instructions to Schedule K-1 (Form 1065) Revised These instructions apply to this Form 1065 filing and include information about partnerships in general and about partnerships with other types of partners. These general 2036 New Income. General Information; Part VIII, Part XIII Follow the general information for this item in Part VII, Part VIA, and Part XIII of Schedule K-1. These instructions apply primarily to Schedule K-1 (Form 541).
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