How do I report income received on Schedule K-1 form 1120s for a business? The only options I get are K-1 for Parternships or Trust/Estate. Using TurbTax Business.

While S Corps can be shareholders in C Corporations, they cannot have an ownership position in another S Corp. This is because S Corp stock must be owned by individuals. Check with the issuer of the K-1.  They must have made a mistake.  They can a corrected K-1 easily, showing you personally or the correct recipient.

The K-1 could have come from a partnership or multi-member LLC taxed as a partnership as the facts are not real clear.

Only individuals can own a S-corp.  LLCs and partnerships cannot be an owner either.

S-corp shareholders must be U.S. citizens or residents (not nonresident aliens), and must be natural persons, so corporations and partnerships are ineligible shareholders. However, certain trusts, estates, and tax-exempt corporations, notably 501(c)(3) corporations, are permitted to be shareholders.

Agree.  The OP may have been mistaken in that the K-1 received is FROM a partnership.

Yes, that could be it. Thanks!

Thanks! It looks like the K-1 needs to be corrected to be a Schedule K-1 (Form 1065).

If the LLC is owned by an S Corp and is treated as a disregarded entity or Single-Member LLC, does the S Corp pay the tax (if needed) or does the income/loss of the LLC and the S Corp pass through to the individual owners of the S Corp?

If this is correct, the LLC provides a schedule K to the S Corp and the S Corp provides a K-1 to the individual owners. Please confirm?

If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.  See this IRS web page for more on single member LLC taxation.

So, there is no K-1 from a disregarded entity; its income and expenses are reported on the return of the owner, be it an individual, a partnership, or a corporation.