S corporations must file an annual tax return on Form 1120S. The S corporation provides Schedule K-1s that reports each shareholder’s share of income, losses, deductions and credits. The shareholders use the information on the K-1 to report the same thing on their separate tax returns.
In TurboTax Online, follow these directions.
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Wages & Income.
- Under Your income, scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received. I am assuming that you are entering a K-1 from an S corporation (Form 1120S).
- For several screens, you will be entering data right off the K-1 form.
- At the screen Check Boxes That Have An Amount, click on Box 14 Info.
- At the screen Enter Box 14 Info, enter the information from the K-1.
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