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Generating and entering Partnership K-1 in ProSeries with Other income, Other deductions, or Other information.
by Intuit•1• Updated 3 months ago
This article will help you generate and enter shareholder K-1s with:
- Other income, line 11.
- Other deductions, line 13.
- Other information, line 20.
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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