I have a turbo Tax premier. Trying to add schedule...
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Returning Member

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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,

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Level 15

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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?

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Returning Member

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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. 

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Level 15

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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.  

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Level 15

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income


@robertyu wrote:

...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.

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Returning Member

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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.

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Returning Member

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

thank you everyone for the help. I do have the K1 and just was not aware of it. many thanks.

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Expert Alumni

I have a turbo Tax premier. Trying to add schedule E for S corp for federal income

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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