Question

1120S taxes not showing income on line 1a but

Forum|Forum|6 years ago
April 3, 2020
2 replies
0 views

I think my k1 info is wrong... but my taxes aren't showing my income, but some great losses I didn't put in...

TurboTax Business Windows

Employee

If your K-1 is wrong, you need to contact the issuer for a corrected K-1 or an explanation. The K-1 goes to various places in the return depending on the income and expenses. The second page of your K-1 shows which lines goes where in your return.

You question got cut off. You "didn't put in....".Can you reply and clarity your question?

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

R

Roger70Author

The subchapter S corp did not receive a k1... I think it does generate one for the share holder...

Anyway, I put in my 103,000 income, did my deductions and my taxes on 1120S are showing no income on line 1a but a lot of losses down through. I don't know what I'm doing wrong. Thank you for your help...

AmyC

Employee

Oh!!! You are generating the K1 and know it is wrong. Yes, you would have income or loss in box 1 for an ordinary business, box 2 for rental. Clearly, you know there should be income there.

Take a look at your 1120S page 3 since that is what generates the K-1 information. In the program, you can do a right click and data source to help you move around and find where things are generated. Next step is to look through:

Instructions for Form 1120S

creating a K-1

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

A

AmeliesUncle

Hire a good tax professional to file the corporate tax return. Seriously, it is really in your best interest to do so. You may want to prepare your personal return yourself (which may be fine), but have a tax professional do the corporate return (and give you advice for how to do things for the corporation).