If you have estimated figures to use for the purpose of creating an extension, you enter those figures as if you had a K-1 already.
If these figures are estimated and used on a 1040 tax return, the fact that they are estimated must be disclosed on the return.
This is how you would enter these figures:
- Select Federal.
- Under Wages & Income, find S-corps, Partnerships, and Trusts.
- Expand the section and click Start or Update to the right of Schedule K-1.
- Select Add or Update the right of the type of K-1 you need.
- On the next screen, select Edit or the pencil icon to the right of the Schedule K-1 that you need. If it is not entered yet, add the form and enter the information that you can. At this stage it is okay to leave most fields blank.
- Continue through the section until you get the boxes that you need. Box 1 is for ordinary income or loss. Box 2 is for rental income and 3 is for rental loss. Check the boxes you need and enter the numbers on the next screen.
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