This article will help you with the most frequently asked questions on the Shareholder's Share of Income, Credits, Deductions, etc worksheet.
To open the Schedule K-1 Worksheet:
- Open the Individual return.
- Press F6 to bring up Open Forms.
- Type S to highlight the K-1 S Corp.
- Click OK.
- Select the existing K-1 and click Select or enter the partnership name and click Create.
- Complete Part I-III from the Schedule K-1 received.
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.
For tax year 2021:
Starting in tax year 2021, the IRS updated the Schedule K-1 to include a new Schedule K-3 to show the shareholder share of International Transactions. See Generating the Schedules K-2 and K-3 in ProSeries for entry details. For information on entering the 7203 see How to complete Form 7203 in ProSeries.