Schedule K-1 (Form 1041)

⚠ CAUTION :Make sure that the K-1 is not associated with the client’s IRA! That would not go on their individual tax return.

Tax Slayer entry:

Federal Section > Income > Other Income > K1 Earnings

  • Verify that all items are in scope based on the type of K-1 (see the sample above).
  • Entries carry across to the appropriate tax forms and schedules.

Entries with letter codes

Many foreign transaction letter code entries are required if foreign tax paid exceeds the $300/$600 limit which then requires Form 1116. As long as the Form 1116 is not required, these codes DO NOT put the Form K-1 out of scope.