How to Report a K-1 Statement on a 1040 Form

Reporting a K-1 Statement on a 1040 Form.

The Schedule K-1, also known as Form 1041, is used to report a beneficiary's share of current-year income, credits, deductions and other items. Each item reported on the K-1 must be entered on the 1040 form when completing year-end personal tax returns. There are eight items on the K-1 form that are entered directly on the 1040 form. Other entries are entered on the appropriate schedules or forms.

Step 1

Enter any interest income on the K-1 form line 1 on line 8a of the 1040 form. Ordinary dividends on line 2a of the form are entered on line 9a on the 1040 form. Amounts on line 2b of the K-1 form are entered on line 9b on the 1040.

Step 2

Enter amounts on line 11d -- net operating loss carryover-regular tax -- on line 21 of the 1040 form.

Step 3

Enter the amounts on line 13a -- credit for estimated taxes -- on the K-1 on line 63 on the 1040 and line 13b amounts -- credit for backup withholding -- on line 62 on the 1040 form.

Step 4

Enter amounts made on line 14a (tax exempt interest) on the K-1 on line 8b of the 1040 form. Any amounts made on line 14b (foreign taxes) of the K-1 are entered on line 47 of the 1040 form or on Schedule A, line 8, if you itemize deductions.

references