How do I enter this K-1?

Forum|Forum|3 years ago
January 29, 2023
1 reply
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Does this K-1 reflect positive or negative income?

JohnB5677

This K-1 was issued by an S-Corp, and it is for 2021, not 2022. This K-1 currently reflects a positive income. The $9,235 may be adjusted by other information contained on the K-1.

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agentmulder1023Author

Hello, I am aware this is for 2021. I've listed the entire K-1 information in the photos. I am just trying to get clarification that this is positive income because the CPA that produced it is saying it's negative income. Put there is no minus sign or parenthesis to indicate that a negative number.

HopeS

The S corporation provides Schedule K-1s that report each shareholder’s share of income, losses, deductions, and credits. The shareholders use the information on the K-1 to report the same thing on their separate tax returns.

The K-1 from the S Corp should be entered exactly as shown on the K-1 received from the S Corp. For example, Box 1 in the sample Schedule K-1 provided shows ordinary income, not losses.

See the below link on how to enter K-1 using TurboTax Online or TurboTax Desktop

How to enter K-1

@agentmulder1023

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