Open the taxpayer’s return in TaxWise.
Use the + to add the Schedule K1 to the tax return.
Use the + to add the corresponding K-1 form.
Enter the basic information, including the name of the business, whether the taxpayer is a partner (P) or shareholder (S), and the business’ EIN as listed on the K1 provided to you by your client.
Enter the remaining information from your client’s document directly into the tax prep software to ensure accuracy and completeness.
Use a - sign to indicate the category represents a loss when entering the information.
Simply match the information on your client’s form and enter it into the software exactly as it appears.
Key Notes:
✅ Each K-1 is unique, so carefully enter all reported income and deductions.
✅ Make sure K-1 amounts match the taxpayer’s documents to avoid IRS errors.
✅ Passive losses may be limited and carried forward.
You can view the video tutorial here:
Adding a Schedule K1 in TaxWise