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new s-corp income and aligning with personal 1040

Can you help on how in the personal turbo tax (e.g. home and business) I would enter my business that is a S corp? Or do I just "pretend"(treat as)  for my 1040 that I am just the employee (not owner) of the S-corp employee (and record any distributions from Scorp as shareholder from K-1 on Schedule E/C)

 

Just not sure how to combine the reality of the LLC classified as S corp into the turbotax home and business to get my 1040 aligned with the business turbotax K-1that the S-corp files along with 112

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new s-corp income and aligning with personal 1040

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new s-corp income and aligning with personal 1040

new s-corp income and aligning with personal 1040

You only enter the K-1 and a W2 you get from the 1120 S corp return.  You didn't need the Home & Business version.

 

To enter a K-1 in the Home & Business version go to

Personal

Personal Income

Choose  I'll choose what I work on

Then scroll way down to Business Investment and Estate/Trust Income

Schedule K-1 - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

 

 

new s-corp income and aligning with personal 1040

thanks, to confirm then, for the above scenario,  even though the scorp is my business for purposes of turbo tax (personal SE or home/bus) when going thru the step by step I do not list it as "my business" that is only for (in TT) schedule C business eg sole prop. 

And in TT personal/home/bus for S corp info it is entered in personal for the K1 to scchedule E info. 

 

I think I got it.

Thanks both.

new s-corp income and aligning with personal 1040

Right.

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