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Business & farm
You may have been entering a K-1 on the form for an partnership rather than an S-Corp. You will have to create the K-1 in the S-Corp section and then delete the K-1 from the Partnership section.
When entering the information, please make sure you use the correct K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate. Lines and codes on the forms differ from each other.
To enter information from Schedule K-1 (1120S), please follow these steps:
- Click on Federal Taxes > Wages & Income
- Under S-corps, Partnerships, and Trusts, click on the Start/Update box next to Schedule K-1.
- On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to S Corporations (Form 1120S). [The second one in the list.]
- If you haven't started entering K-1 information, on the next screen, enter the S Corp. name and address and click Continue.
- Continue through the screens, entering the information. Be sure you have marked the box for line 11.
- You should see eventually see the screen, Enter Box 11 Info. Fill in the box for Section 179 Deduction from your K-1.
- You will eventually be brought back to the screen, Tell Us About Your Schedules K-1.
- Click the Update box next to Partnerships/ LLCs (Form 1065).
- You should see the Partnership/LLC K-1 Summary. Click the Delete icon (trashcan) next to the entry.
- Click the Done box.
[Edited | 4/15/2020 | 8:51am PDT]
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‎June 3, 2019
11:53 AM