Question

Form 1120S Sch K-1

Forum|Forum|5 years ago
April 8, 2021
1 reply
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I live in NC but received a Form 1120S, Sch K-1 from a S corp (in Georgia) that I had stock in last year. The company went out of business so included with this last 1120S was a Georgia shareholders share of income- a form 600S. I don't know where to enter this info in turbo tax- I added the additional state of Ga.

DaveF1006

It depends. According to Turbo Tax Champ DoninGA, "Georgia Form 600S is a Corporation tax return, totally separate from a personal tax return, Form 500. It is not used with or entered with a personal tax return. The Corporation tax return is filed only for the corporation." I think this form was sent to you for informational purposes. The only reporting requirement you are obligated to fulfill is the K1. Keep that document in the the same file you keep your tax return in case if you are asked about it later either on the federal or state level.

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