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K-1

Forum|Forum|4 years ago
April 6, 2022
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Why do I have to enter the K-1 info, when I already entered the data in the business section?

Best answer by JamesG1

No, only thing close is K-1 S Corp with my business name after it

Then I suspect that you have not fully completed the entries under Introduction, About Your Business and Shareholder Information. You may want to start in one of these sections and proceed through the questions as best you can. Post here about questions that come up.

There is a great deal of data involved and you can quickly get lost amongst the screens. Open a Word file and use a screen grab utility like Snip & Sketch. Copy the screens where you have problems and make notes as to what questions you have. Make sure that you make notes about how you can return to the screen where you are having the problems.

Think of the 1120-S like a big profit and loss statement or an IRS 1040 Schedule C. Then, in the end, the profit (or loss) gets shipped over to the 1, 2, 3 or more member/owners reported on IRS Form 1120-S Schedule K-1. The K-1 entries are then reported on each individual's tax return.

AliciaP1

You should only enter a K-1 as a K-1 because the partnership or S Corporation has already filed the details of the business activities in its own return. The K-1 is the summary of your share of those activities.

You need to delete your entries in the "business section" and enter the K-1 with the step-by-step interview. I'm assuming you used a Schedule C to enter your "business section" information so you can delete that by following these steps in TurboTax Online:

Within your return in TurboTax Online search for Schedule C.
Click the Jump to link in the search results.
If you get to a self-employment summary screen, delete the self-employment income line with the trash can icon.
If you get to the question Did you have any self-employment income or expenses? answer No.
Click on Tax Tools on the left side of the screen.
Click on Delete a Form.
Scroll down to your Schedule C and Schedule SE and click Delete if they are still there.

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J

jdicks11Author

so, i filled out a K1 and then it prompted me to enter info on a schedulec, this makes no sense to me. I have a S corp. and I cant find the K-1, but i put in all my expenses

AliciaP1

You must be missing key information about the S Corporation. You need to contact the company or the tax preparer for the S Corp to get a copy of your K-1 issued to you. Then correct your input with the actual K-1.

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