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ryhayes37
New Member

I started an s-corp in 2016 and had an accountant process my return for the business (I have my K-1 form). How is the processing of my return different?

 
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Rick19744
Level 12

I started an s-corp in 2016 and had an accountant process my return for the business (I have my K-1 form). How is the processing of my return different?

You now need to input the amounts on the K-1 into your personal tax return.  This is done on Schedule E.  I would recommend you use the interview process that TT provides.  It will ask the general questions and then ask what boxes your K-1 has amounts in.  TT Premier online will handle the Schedule E.

*A reminder that posts in a forum such as this do not constitute tax advice.*

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Rick19744
Level 12

I started an s-corp in 2016 and had an accountant process my return for the business (I have my K-1 form). How is the processing of my return different?

You now need to input the amounts on the K-1 into your personal tax return.  This is done on Schedule E.  I would recommend you use the interview process that TT provides.  It will ask the general questions and then ask what boxes your K-1 has amounts in.  TT Premier online will handle the Schedule E.

*A reminder that posts in a forum such as this do not constitute tax advice.*

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