Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 12, 2022 5:24:54 PM

How do I get my 1120S (S Corp) information from Turbo Tax Business program into my1040 form with the Turbo Tax on line program?

The on line program wants me to upgrade to calculate the same information I just completed with the more expensive Turbo Tax business program ( only can do with (CD/downloading).

0 2 251
2 Replies
Level 15
Sep 12, 2022 6:01:07 PM

The only thing you need from the 1120S for your personal return is the K-1 and it cannot be transferred automatically from the business program to a personal program.   If you use the ONLINE personal program you must use the Premier version or better.  If you use the DOWNLOADED version you can use any of them.  

 

To enter a K-1 go to 
Federal Taxes Tab ( Personal in the H&B versions )
Wages and Income
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Then scroll way down to Business Items
 S-corps, Partnerships, and Trusts.  Schedules K-1, Q - Click the Start or Update button 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

 

Level 15
Sep 12, 2022 6:02:32 PM

If you used TurboTax Business to prepare the 1120-S for the S corporation, a K-1 should have been generated.

 

You simply enter the information from the K-1 (1120-S) into the TurboTax personal income tax preparation program.