JamesG1
Expert Alumni

Get your taxes done using TurboTax

Then I suspect that you have not fully completed the entries under Introduction, About Your Business and Shareholder Information. You may want to start in one of these sections and proceed through the questions as best you can.  Post here about questions that come up.

 

There is a great deal of data involved and you can quickly get lost amongst the screens.  Open a Word file and use a screen grab utility like Snip & Sketch.  Copy the screens where you have problems and make notes as to what questions you have.  Make sure that you make notes about how you can return to the screen where you are having the problems.

 

Think of the 1120-S like a big profit and loss statement or an IRS 1040 Schedule C.  Then, in the end, the profit (or loss) gets shipped over to the 1, 2, 3 or more member/owners reported on IRS Form 1120-S Schedule K-1.  The K-1 entries are then reported on each individual's tax return.

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