I have a turbo Tax premier. Trying to add schedule E for S corp for federal income. Self-guide doesn't include schedule E for S Corp and when I tried to add Schedule E worksheet manually for S corp, it only have "rental property". Do I need some upgrade or if there is a way around,
Did you get K-1 from the S corp? You need the K-1 or a W2.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to Business items
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
Enter each k-1 separately.
Or do you need to prepare the S Corp Business return?
hello, I am not a tax expert. I just need schedule E for S corp to report the ordinary business income from the S corp. Do your steps outlined for K-1 satisfy the needs? Many thanks.
Did you have an accountant file the S corp return? Did you receive the K-1? You don't make one up. You only enter the K-1 you receive from the S corp return. It is a 1120 S return. You need to go to an accountant and get it set up and filed right at least the first year.
...I just need schedule E for S corp to report the ordinary business income from the S corp. Do your steps outlined for K-1 satisfy the needs?....
If you enter the information from your Schedule K-1 (1120-S) as outlined by @VolvoGirl in her post, then the income will be propagated to Schedule E by the program.
EDIT: As @VolvoGirl stated in her latest post, you need a K-1 from the S corporation.
Yes. I do have a 1120-S return on line item 21. Just try to figure out how to get into schedule E (S Corp) using turbo tax premier. Looks like K-1 is the answer.
Had account till this year. everything DiY to cut the cost.
Perfect. When you enter the information from the K-1 into TurboTax, the software will use that data to populate your Schedule E that will be filed as part of your personal tax return.
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