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chrissyskisses3
New Member

I filed the form 1120S & inputed my Schedule K into my personal return. Do i still put my income/expenses for my business in my personal return? What deductions can I do?

 
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RichardK
New Member

I filed the form 1120S & inputed my Schedule K into my personal return. Do i still put my income/expenses for my business in my personal return? What deductions can I do?

You only report Form 1120S, Schedule K-1 information on the K-1 data entry screen, if you have expense for the 1120-S corporation you paid personally, then the S corporation should reimburse you for those expenses and report them on the S corporation tax return.

If you are a sole proprietor in another business, you report that on Schedule C. 

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RichardK
New Member

I filed the form 1120S & inputed my Schedule K into my personal return. Do i still put my income/expenses for my business in my personal return? What deductions can I do?

You only report Form 1120S, Schedule K-1 information on the K-1 data entry screen, if you have expense for the 1120-S corporation you paid personally, then the S corporation should reimburse you for those expenses and report them on the S corporation tax return.

If you are a sole proprietor in another business, you report that on Schedule C. 

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