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ProSeries Frequently Asked Questions

Tip: Using the Schedule K-1 Worksheets

Products Affected:

• ProSeries/1040
• ProSeries Express/1040
• ProSeries Basic/1040

Schedule K-1 Worksheets for Partnerships, S Corporations, and Trusts are included in the ProSeries federal individual tax software. Many of the lines on the worksheets correspond to the lines on the actual Schedule K-1's. Certain items, which are not required for the program, have been omitted from the worksheets.

We recommend that you review Tax Help for more information on how to use a Schedule K-1 Worksheet. (Open the appropriate Schedule K-1 Worksheet and press F1.) Below are tips and general information you may find helpful:

To use a Schedule K-1 Worksheet:

1. In Part I of the worksheet, enter the pertinent information such as the name of the entity, EIN, and type of partner/shareholder.
2. In Part II, be sure to identify whether this is a Taxpayer, Spouse, or Joint worksheet.
3. In Part II, check the box that determines whether there is an at-risk limitation.
4. In Part III, enter the amounts from the taxpayer's Schedule K-1 in the corresponding fields.
5. If this is the first time you are creating a worksheet and there are carry over amounts, enter the amounts on the appropriate line in the "Suspended Loss Carryover From Prior Year" column.
6. If there are both rental and ordinary income, two worksheets will be needed for that Schedule K-1. There is no limit to how many Schedule K-1 Worksheets can be created. These worksheets are input sheets and will not be filed with the tax return.

To use the forms and worksheets needed to determine at risk limitations:

1. In Part II of the Schedule K-1 Worksheet, click the QuickZoom button to go to Form 6198, At-Risk Limitations.
2. Enter the amounts needed to determine the at-risk limitations. Refer to Tax Help for more information.
3. If needed, in Part II of the Schedule K-1 Worksheet, click the QuickZoom button to go to the At-Risk Limitations Allocation Worksheet.
4. Allocate the appropriate amounts on the appropriate lines. Refer to Tax Help for more information.

Note: The ProSeries tax software does not calculate basis limitation.

To use the additional information worksheets:

1. If needed, in Part II or Part III of the Schedule K-1 Worksheet, click the QuickZoom button to go to the appropriate additional information worksheet.
2. Enter the appropriate amounts on the appropriate lines.

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