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Generating and entering S corporation K-1 in ProSeries with Other income, Other deductions, or Other information.
by Intuit• Updated 1 month ago
This article will help you generate and enter shareholder K-1s with:
- Other income, line 10.
- Other deductions, line 12.
- Other information, line 17.
For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.
What's new for Schedule K-1 for tax year 2023:
For tax year 2023 the IRS has added multiple new codes to the Schedule K-1. Most changes involve new codes for Other Income, Other Deductions, Other Credits and Other Information to provide additional details for when the 1040 is completed. To see the Partnership codes click here, to see the S-Corporation codes click here and scroll down to the code lists on the last pages of the instructions.
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To enter Other income for line 10:
- Open the 1040 return.
- Open the Schedule K-1 Wks - S Corporations.
- Scroll down to Line 10 Other income (loss)
- Enter any codes and amounts from the K-1 received.
- If the K-1 line 10 had codes A, B, K, S, I to ZZ select the QuickZoom to enter additional details.
- On the Schedule K-1 S Corporation Additional Information worksheet you'll find additional breakdowns for codes A, B, K and S. Enter the amount on the best applicable line.
- If the K-1 contained codes I, M to O, and ZZ:
- Enter the amount on line 5 if it should be reported on the Schedule E page 2.
- Enter the amount on line 6 if it should not be reported on the Schedule E page 2. Entries on line 6 will not flow to any other forms, schedules or worksheets. They will need to be manually entered elsewhere on the tax return.
To enter Other deductions for line 12:
- Open the 1040 return.
- Open the Schedule K-1 Wks - S Corporations.
- Scroll down to Line 12 Other deductions.
- Enter any codes and amounts from the K-1 received.
- If the K-1 line 12 had codes R, or W-ZZ select the QuickZoom.
- On the Schedule K-1 S Corporation Additional Information worksheet you'll find additional breakdowns for codes J, other taxes, other miscellaneous itemized deductions, state income tax withheld and penalty on early withdrawal of savings. . Enter the amount on the best applicable line.
- If the K-1 contained any other information:
- Enter the amount on line 5 if it should be reported on the Schedule E page 2.
- Enter the amount on line 6 if it should not be reported on the Schedule E page 2. Entries on line 6 will not flow to any other forms, schedules or worksheets. They will need to be manually entered elsewhere on the tax return.
To enter Other information for line 17:
- Open the 1040 return.
- Open the Schedule K-1 Wks - S Corporations.
- Scroll down to Line 17 Other information
- Enter any codes and amounts from the K-1 received.
- If the K-1 line 17 had codes K, D, R, or AJ-ZZ, select the QuickZoom to enter additional details.
- On the Schedule K-1 S Corporation Additional Information worksheet you'll find additional breakdowns for codes D and R. Enter the amount on the best applicable line.
- If the K-1 contained codes AJ to ZZ:
- On the Schedule K-1 S Corporation Additional Information worksheet you'll find additional breakdowns for codes AJ to ZZ for Gross farming and fishing income, Qualified advanced coal project credit, Qualifying gasification project credit, Qualifying advanced energy project credit, and Advanced Manufacturing Investment Credit.
- Any other amounts should go on line 6. Entries on line 6 will not flow to any other forms, schedules or worksheets. They will need to be manually entered elsewhere on the tax return.
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