I created an S Corporation in 2018 owned 50/50 w/my wife. I entered revenue and expenses for the S Corp and then the K-1s. It shows the loss twice. What should I do?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Premier Windows

You do not enter income and expenses of the S-Corp on Schedule C of your tax return.

The S-Corp tax return is form 1120S and must be prepared and filed using TurboTax Business. As part of the S-corp tax return, there will be a Schedule K-1 for each shareholder and you enter these K-1s on your personal tax return,

To prepare form 1120S: https://turbotax.intuit.com/small-business-taxes/

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D

dale_ferrarioAuthor

Employee

Thank you. I did file with Turbotax for small business but thought that I needed to do this as well.

I created an S Corporation in 2018 owned 50/50 w/my wife. I entered revenue and expenses for the S Corp and then the K-1s. It shows the loss twice. What should I do?

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