It depends. If you have entered K1's for your S-CORP, review them to see which ones have a business loss in Box 1 of the K1's you have reported in your return. Check each one to see if you check the box indicating you did not materially participate in the business. If you checked this box and have a business loss, you will need to file an 8621.
- Go to wages and income>S-corps, Partnerships, and Trusts (Business investment and estate/trust income)
- Schedule K-1
- Then select S-Corp (Form 1120S) and answer the questions as they appear.
- Although Turbo Tax does not support 8621, you can download it here.
- If you have a business loss, did not materially participate in the business (as indicated by a check mark on the K1), nd need to file a 8621, you ill need to include this and then print and mail your return in. Turbo Tax will give you complete filing and mailing instructions once you complete your return.
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