My S-Corp return was filed separately through another accountant. How do I add this S-Corp to my personal filings through turbo tax?

[Dylanthomas310]

My S-Corp return was filed separately through another accountant. How do I add this S-Corp to my personal filings through turbo tax?

[VolvoGirl]

Did you get a K-1 from the S Corp return?

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or 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.

[rjs]

If you are an owner (shareholder) of the S corp, the S corp return should have included a Schedule K-1 for you. You enter the K-1 in your personal tax return, as VolvoGirl indicated.

Did the S corp pay you a salary? If so, you should have gotten a W-2 from the S corp. You enter the W-2 in your personal tax return just like a W-2 from any other employer. An S corp is required to pay a reasonable salary to any officer or owner who performs services for the S corp. The accountant who prepared the S corp return should have made sure that this requirement was met. If you did work for the S corp, or through the S corp, and did not receive any salary, you should run to a tax professional (not the same accountant) to get help straightening it out. The IRS is on the lookout for S corp owners who are not paid as employees of the S corp.