I don't know what to put on Line 1 of the K-1. I can't even find the K-1 Form 1120-S in TurboTax Business. Where is it? Then when I find it, what do I put on Line 1 for Ordinary Business Income or Loss?

A

Anonymous_

Employee

@AskYAnalytics wrote:
I don't know what to put on Line 1 of the K-1. I can't even find the K-1 Form 1120-S in TurboTax Business. Where is it? Then when I find it, what do I put on Line 1 for Ordinary Business Income or Loss?

You do not enter any figure directly on the K-1(s). The figures you enter during the interview process will flow through to your K-1(s).

Start at the beginning of the Interview in the Business Info tab and proceed from that point.

JohnB5677

Ordinary business income includes any earnings your company makes through daily operations. Profit from selling a product or providing a service is ordinary business income. This income will flow to you, or to partners, through a K-1 that is issued by the corporation, to the individual members.

Please see Shareholder's Instructions for Schedule K-1 Under Specific instructions

The K-1 will be posted to your individual tax return.

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