LLC (S Corp) on Personal Tax Returns

Forum|Forum|3 years ago
April 8, 2023
1 reply
0 views

Good day everyone. Last year my wife and I opened a business as an LLC (S Corp) with 4 other partners. We filled the business tax returns already but I am wondering if there is any information I need to enter into my wife and I's personal tax returns?

If yes, what do I need to enter and where?

Thank you

Best answer by AliciaP1

Each of the shareholders of the S-Corp should have received the Schedule K-1 from the 1120S that was filed for the business. This is the information you need to enter the pass-through income to your personal return. If you also received salary/wages during 2022 from the S-Corp, you should have been issued a W2 that needs to be entered as well.

You can get to the section to enter a Schedule K-1 in TurboTax Online by following these steps:

Sign in to your TurboTax
Open or continue your return
- Choose a section from the TurboTax menu and select Pick up where you left off
Using the search bar, type K-1 and select the Jump to link from the search results
- Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
- Select Revisit or Start next to Schedule K-1
Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
- Note: You may be prompted to upgrade to Premier, if you're not already using it
This will take you to the Schedules K-1 or Q screen
We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

Sign in to your TurboTax
Open or continue your return
Using the search bar, type K-1 and select the Jump to link in the search results
This will take you to the Schedule K-1 and Schedule Q screen
- Note: If the Jump to link doesn’t work, select Personal, then Personal Income
Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
Answer Yes and follow the prompts
We’ll ask some questions about your K-1, and then you’ll enter the data from the form

AliciaP1Answer

You can get to the section to enter a Schedule K-1 in TurboTax Online by following these steps:

Sign in to your TurboTax
Open or continue your return
- Choose a section from the TurboTax menu and select Pick up where you left off
Using the search bar, type K-1 and select the Jump to link from the search results
- Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
- Select Revisit or Start next to Schedule K-1
Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
- Note: You may be prompted to upgrade to Premier, if you're not already using it
This will take you to the Schedules K-1 or Q screen
We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

Sign in to your TurboTax
Open or continue your return
Using the search bar, type K-1 and select the Jump to link in the search results
This will take you to the Schedule K-1 and Schedule Q screen
- Note: If the Jump to link doesn’t work, select Personal, then Personal Income
Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
Answer Yes and follow the prompts
We’ll ask some questions about your K-1, and then you’ll enter the data from the form

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Mig1980Author

Thank you so much. This is exactly what I needed. Yes, we did receive the Schedule K-1 for my wife and I.

Mike9241

as an aside, those active in the S-Corp operations are supposed to take a salary - w-2 - no 1099-NEC. the IRS hates improper avoidance of paying medicare and social security taxes. if this continues year after year it's likely that sooner or latter it will catch this and then there can be substantial penalties.