Drake Tax - 1065/1120-S: Royalty Income
Article #: 11721
Last Updated: October 21, 2024
1065 - enter royalties on Schedule K screen, line 7, which will flow to each partner’s K-1, line 7.
1120S - enter royalties on Schedule K, line 6, which will flow to each shareholder’s K-1, line 6.
Amounts entered in either field will adjust any amounts coming from the K1P screen, line 7.
Note If the royalties are coming to the return from another partnership, enter them on the K1P screen.