Do you mean a K-1 form from an 1120-S? Because nothing from an 1120 C-Corporate return touches a personal form 1040.
if it is an 1120-S, there is an issue as to whether you are at risk and have basis to take the loss. these are questions we can't answer.
Thanks. Still need to know why it is showing loss on 1120 as income on 1040. Can that be changed?? If so how?
You need to respond to @Critter 's question as this is key to responding.
Are you referring to a form 1120 (regular corporation) or an 1120-S (an S corporation). If the later, you should also have received a schedule K-1.
@dufferboy10 wrote:
S Corp
Now we are getting somewhere.
Another question would be whether the figure you are entering is from Line 1 of your K-1 (Ordinary business income (loss)). If so, ensure that you are entering a negative number (e.g., -10.000) in TurboTax as it is not a rare occurrence for users to enter that figure without a minus sign.
Hello,
I have a question relating to this subject.
I have a loss in the year 2018 on 1120 S - Schedule K. Because of my higher income, the loss is not reducing my taxable income, therefore not reducing my liability on my personal taxes.
In order to carry the loss forward to the future years, will I have to include the Schedule K in 2018 tax return?
If I skip it, meaning not included the schedule K at all, Can I still include it in 2019 personal taxes?
@khanminaz1 wrote:If I skip it, meaning not included the schedule K at all, Can I still include it in 2019 personal taxes?
This question was answered in the other thread you started,
You cannot elect not to enter the K-1 you receive with a tax year ending 2018 on your 2018 federal income tax return (Form 1040). You must enter your 2018 K-1 on your 2018 personal income tax return.