I received a k-1 for my shares of an S Corp and entered my Schedule K-1 (1120S) but can't find where to enter the K-1 (100s)? Do I need to enter both forms separately?

[ThisGuyNeedsHelp]

It looks to me that both forms have the same info except for line 17(d) on 100s there is an amount and on 1120s its blank.

[IsabellaG · Accepted solution]

If you are filing your own individual tax return, do not enter information from the 1120-S. That's a separate entity that filed its tax return. You don't copy it over into yours. I'm not even sure how you managed to do that. Delete any information that you may have entered from the 1120-S.

The K-1 is what you need to enter. 

• Go to the top of your screen and choose My Account.
• Choose Tools.
• Choose Topic Search, then type in your topic (K-1) and click Go.

See the screenshot below. It may be that you are the only shareholder, so all of the income and expenses belong to you, but the K-1 is the form that shows how this flows through to your personal return.

[ThisGuyNeedsHelp]

Are you sure, because when entering k-1 for federal return it asks to 'Enter Percentage of Ownership from Box F' with instructions saying 'Tell us your percentage of ownership, as shown in Box F on the Schedule K-1' which is not available form K-1 (100S), shareholders percentage on form 100s is on line A there is no Box F, that info only matches what's available on Schedule K-1 (Form 1120S). If I understand Schedule K-1 (1120S) is for federal and (100s) is for state as it says California Schedule K-1 (100S).

[ThisGuyNeedsHelp]

Also when entering K-1 the page that pops up shows;

Tell Us About Your Schedules K-1
Select the type of Schedule K-1 you want to enter or edit:
Partnerships/ LLCs (Form 1065)

S corporations (Form 1120S)

Estates or trusts (Form 1041)

[IsabellaG]

Yes, K-1 of 1120-S is for the Federal Return. 100-S is the corporate return for CA, and it also has a state K-1. You said you entered your 1120-S which is the Corporation's tax return. The K-1 is the flow-through document, which is what you really enter in the Federal Section. You list it as an S Corporation. There is a place for the percentage of ownership on the K-1, box F. It's not critical information for your tax return, but it is there. If you leave it blank, that's ok. You don't enter the 100-S in the Federal Section. It's a state form for California.

After you enter your K-1 in the Federal section, and finish with the rest of your federal return, you'll move to the state return. You'll get to the page S Corporation K-1 Summary, and choose Edit. I am adding screenshots to my answer above. You then see a screen S Corporation K-1 Adjustments, and you only make an entry if there is a difference between what the 1120-S K-1 says and the 100-S K-1 says. Otherwise leave the boxes blank.Continue until you enter the Aggregate Gross Receipts, which is on line 17 of your 100-S K-1 (in the space for other information) If there's nothing there, enter zero. Continue until you are done.

[ThisGuyNeedsHelp]

Thank you very much for your help, I think the fact that it said 'S Corporation K-1 Summary' and did not specifically mention the need for the information from the K-1 (100s) is what confused me.

[IsabellaG]

I'm glad I could help, and hope it's clearer now!

[mgeier77]

I have a K1 I received from my accountant. I have bought and installed turbo tax home and business. I can't find where to enter the K1

[JamesG1]

To enter a Schedule K-1 in TurboTax H & B:

• Across the top of the screen, click on Personal.
• At the screen Let's get your biggest refund possible, click Continue.
• At the screen How do you want to enter your personal income, click on I'll choose what I work on.
• At the screen Your 2019 income summary, scroll down to Business investment and estate/trust income.
• Click Start to the right of Schedule K-1.
• Answer the questions in the interview.