Solved
Entering Schedule K-1 form 1120-S Information
I received a K-1 form 1120-s for an S-Corp that I am 50% owner in. How do I enter the 50% ownership information? and does this effect my tax liability on the ordinary income from the business?
the only crucial information you have to enter is
Part 1 items A & B
Part III all - the numbers already reflect your allocable share
box 17 presents an issue since some items are relevant to your taxes others are not. Some of the relevant items may not be supported by Turbotax. it should let you know if that's the case.
if you got distributions or there was a loss you'll need to complete form 7203
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