Form 1120

Forum|Forum|6 years ago
October 1, 2019
2 replies
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My business shows a loss on Form 1120 but it shows up as income on my 1040. Turbo Tax will not let me change it to show a loss. How do I show a loss on 1040 from 1120?? Any help appreciated.

TurboTax Business Windows

Critter

Level 15

Do you mean a K-1 form from an 1120-S? Because nothing from an 1120 C-Corporate return touches a personal form 1040.

Anonymous

if it is an 1120-S, there is an issue as to whether you are at risk and have basis to take the loss. these are questions we can't answer.

dufferboy10Author

Level 2

Thanks. Still need to know why it is showing loss on 1120 as income on 1040. Can that be changed?? If so how?

Rick19744

Level 13

@dufferboy10 wrote:

S Corp

Now we are getting somewhere.

Another question would be whether the figure you are entering is from Line 1 of your K-1 (Ordinary business income (loss)). If so, ensure that you are entering a negative number (e.g., -10.000) in TurboTax as it is not a rare occurrence for users to enter that figure without a minus sign.

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*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.