Part I - Information about the Partnership - This section contains basic information about the partnership such as its name and address as well as indication if the partnership is a Publicly Traded Partnership (PTP).The actual Schedule K-1 consists of three parts: When preparing the partner's individual tax return in either TaxSlayer Pro desktop or ProWeb, the entries made in the Schedule K-1 entry window will generally flow to the appropriate form or schedule in the return, however some entries do not automatically flow to the return and it's up to the taxpayer to determine the extent of their applicability to the return. The partnership provides each partner a Schedule K-1 reflecting the partner’s share of income, deductions, credits, and other items that the partner will need to report on their individual tax return (Form 1040). Schedule K-1 (Form 1065) is a source document prepared by a partnership as part of filing its Form 1065, U.S.
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