You wrote "I report my self employment income by K-1 from and S-Corp, and also report wages (W-2) from the same S-Corp." and " I report my self-employment income through a K-1, so Schedule C is not applicable."
K-1 income from an S-Corp is not entered on Schedule C. You have no self-employment income.
Please see this answer by Fern.
An S Corp must file an 1120 S tax return. The rules for an S Corp are different than the rules for a Single Member LLC.If your business is considered an S Corp, you need to follow the S Corp rules.
The S Corp must file a tax return, an 1120 S. Income and expense items are distributed to the owners of the S Corp via a Schedule K-1. You include the Schedule K-1 in your personal tax return. Schedule K-1 is not reported on a Schedule C. You can use Turbo Tax Premier to include K-1 information.
To complete an 1120 S, you need to use Turbo Tax Business. This is a separate program from the programs used to prepare an individual tax return.
A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).
Any health insurance should be included on your W-2.
A 2% or greater S-Corp owner should have the premiums included as wage income that is not subject to FICA tax, and then subsequently deduct that reported "income" on the SEHI line. It is a way the S-Corp owner/shareholders can ensure that they are paying themselves "reasonable compensation".
