The way you report the income from your Schedule K-1 on your Federal Form 1040 U.S. Individual Income Tax Return 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, etc.
• Schedule K-1 (Form 1120-S) Shareholder's Share of Income, Credits, Deductions, etc.
• Schedule K-1 (Form 1041) Beneficiary's Share of Income, Credit, Deductions, etc.

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 click Federal.
2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Partnership income (Form 1065 Schedule K-1).
3. Click + Add Partnership Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
4. Continue with the interview process to enter all of the appropriate information.

To enter Schedule K-1 for Form 1120-S (S Corporation):

1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click S Corporation income (Form 1120-S Schedule K-1).
3. Click + Add S Corporation Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
4. Continue with the interview process to enter all of the appropriate 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 click Federal.
2. Click Other Income in the Federal Quick Q&A Topics menu to expand, then click Estate or trust income (Form 1041 Schedule K-1).
3. Click + Add Estate and Trust Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
4. Continue with the interview process to enter all of the appropriate information.

Related Links

• Schedule K-1 (Form 1065) - Purpose
• Schedule K-1 (Form 1120-S) - Purpose
• Schedule K-1 (Form 1041) - Purpose
• See the IRS Partner's Instructions for Schedule K-1 (Form 1065) for more information.
• See the IRS Shareholder's Instructions for Schedule K-1 (Form 1120-S) for more information.
• See the IRS Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR for more information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.