new s-corp income and aligning with personal 1040

[newllc19]

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

[tagteam]

See https://ttlc.intuit.com/community/business-taxes/discussion/re-when-you-complete-the-form-1120s-in-t...

[VolvoGirl]

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

[newllc19]

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.

[VolvoGirl · Accepted solution]

Right.