TaxAct: How do I enter K1 information?

A simple 4 step guide for solving this common TaxAct problem quickly and effectively by GetHuman

1
How you report the income depends on which Schedule K-1 you received:

-Schedule K-1 (Form 1065) Partner's Share of Income, Credits, Deductions
-Schedule K-1 (Form 1120S) Shareholder's Share of Income, Credits, Deductions
-Schedule K-1 (Form 1041) Beneficiary's Share of Income, Credit, Deductions
2
Enter Schedule K-1 for Form 1065 (Partnerships):

-From within your TaxAct return (Online or Desktop) click on Federal tab. On smaller devices, click in the upper left-hand corner, then choose Federal.
-Click Business Income to expand the category, then click Partnership income (Schedule K-1)
-Click Add to create a new Schedule K-1, or click Review to review a copy already created
-The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1065) for more information.
3
Enter Schedule K-1 for Form 1120S (S Corporation):

-From within your TaxAct return (Online or Desktop) click on Federal tab. On smaller devices, click in the upper left-hand corner, then choose Federal.
-Click Business Income to expand the category, then click S-Corporation income (Schedule K-1)
-Click Add to create a new Schedule K-1, or click Review to review a copy already created
-The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1120S) for more information.
4
Enter Schedule K-1 for Form 1041 (Estates & Trusts)

-From within your TaxAct return (Online or Desktop) click on Federal tab. On smaller devices, click in the upper left-hand corner, then choose Federal.
-Click Other Income to expand the category, then click Estate or trust income (Schedule K-1)
-Click Add to create a new Schedule K-1, or click Review to review a copy already created
-The program will proceed with the interview questions for you to enter the appropriate information. See the IRS Instructions for Schedule K-1 (Form 1041) for more information.
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Author: BenF • April 15th, 2016

About this Step by Step Guide

After thousands of TaxAct customers came to GetHuman in search of an answer to this problem, along with others, we decide it was high time to publish instructions. Here are just a few examples of the types of questions we were being asked or problems reported by users like you: TaxAct: How do I enter K1 information?; You did not send me my username or password to *****@***.com; I filed my taxes thru TaxAct again this year and on the actual tax forms, to pay my taxes, the ro...; Dividends reported on tax return are more than actually earned*reported. Where did that number c...; I filed with u but was rejected so I had taxez done in person by Jackson Hewitt..seems there's st...; I am logged in every time i cick on start my return it logs me out?... So we put together this guide to try to help. It has 4 step(s) to it. It takes an average of 10 minutes to get through these steps according to other users, including time spent working through each step and contacting TaxAct. And we tried to include a checklist of information you'll need when you try to fix this yourself. Best of luck and please let us know if you successfully resolve your issue with this.

Why does GetHuman Write How-to Guides for TaxAct Problems?

GetHuman has been working for over 10 years on sourcing information about big organizations like TaxAct that helps customers resolve customer service issues faster. We started with contact information and fastest ways to reach a human at big companies. Particularly ones with slow or complicated IVR or phone menu systems. From there, we realized that consumers still needed more detailed help solving the most common problems, so we expanded to this set of guides, which grows every day. If you have other problems or questions and you can't find the solution here, please let us know. We are writing new step by step guides every day for problems like this. And if you spot any issues with our How do I enter K1 information? guide, please let us know by sending us feedback. We want to be as helpful as possible. If you appreciated this guide, please share it with your favorite people. Our free information and tools is powered by you, the customer. The more people that use it, the better it gets.

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