Form 1120s schedule k1

To enter your form 1120s Schedule K-1 in TurboTax, open your return and follow these steps:

• Click on Federal Taxes, then on Wages and Income
• Under All Income, locate the Other Business situations section
• Click Show more and click Start next to Schedules K-1, Q (see attached screenshot).

 

I'm having the same issue.  I have been using TurboTax Premier since 2014 and only started having trouble with my K-1 Forms when filing my taxes for 2018 & 2019.  

I click on Federal Taxes / Wages & Income / Schedules K-1 

I see S Corporation (Form 1120S) listed in the section of K-1 Forms, but when I start I am only able to enter very minimal data.  The first page is a breeze, but I have 9 additional pages of data that I need to be entered and I do not see these additional pages on Turbo Tax.

I have a K-1 that I received from a form 1120-S company and trying to find out how and where to file it on my corp-S account.  I am using the turbo tax business 2020.

Was trying to enter the information under "Income" "Schedules K-1" and found that there is no  Form 1120 optional to choose from.   Only Form 1065 or Form 1041.

Can you help me.

When entering the information, please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

To enter information from Schedule K-1, please follow these steps:

 

TurboTax CD/Download

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on. 
2. Under Other Business Situations, click on the box next to Schedules K-1, Q.
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity that issued the K-1 (Partnership, S-Corps., Trust/Estate).
5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

 TurboTax Online

1. Click Wages & Income.
2. In the S-corps, Partnerships, and Trusts  section, click the Start/Update box next to Schedule K-1.

Continue with step 4 above

 

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There is no K-1S entry form in the 1120S return because, in general, corporations aren't allowed to be shareholders of another S-corporations. The only exception is that it must own 100 percent of the shares of that S corp's stock and treat it as a subsidiary.

 

If this is the case, just manually enter the items from the K-1S in the correct area of the return (income, deductions, etc.).

@Madwonger