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On TurboTax Self-Employed 2021 where I enter income or loss from an S-corp Schedule K-1, the wrong year is listed for the amount to enter. 2019-2020 are shown.

The Ordinary Income or Loss previous year shown is 2019, and the entry box says 2020. I need to enter 2021. This is for 2021 taxes.
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3 Replies

On TurboTax Self-Employed 2021 where I enter income or loss from an S-corp Schedule K-1, the wrong year is listed for the amount to enter. 2019-2020 are shown.

Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, etc. for tax year 2021 is estimated to be finalized and available in TurboTax on 02/17/2022

On TurboTax Self-Employed 2021 where I enter income or loss from an S-corp Schedule K-1, the wrong year is listed for the amount to enter. 2019-2020 are shown.

I do not understand. They have an error on the online software where it asks for 2020 and shows 2019 as the previous year. Am I trying to do my taxes too early then, is that what you are saying? So they should fix this screen to show the correct years later? This is on my personal tax return where I enter my info from a k-1 I received. 

DianeW777
Expert Alumni

On TurboTax Self-Employed 2021 where I enter income or loss from an S-corp Schedule K-1, the wrong year is listed for the amount to enter. 2019-2020 are shown.

No, you are not trying to do your taxes too early. We are aware of this experience which will not affect your tax return entry.  Look for a change in an update and meanwhile you can proceed to complete your tax return.

 

The year being reported is 2021 and you should enter your income for the tax year.  As noted by @DoninGA, the date to be finalized is February 17th. Hold off on filing until your return until then.

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