When entering the information, please make sure you use the right 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, please follow these steps:
TurboTax CD/Download
- Click on Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on.
- Under Other Business Situations, click on the box next to Schedules K-1, Q.
- Click Yes on the next screen, Schedules K-1 or Q.
- On the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to the type of entity that issued the K-1 (Partnership, S-Corps., Trust/Estate).
- If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen. Click Add Another K-1 to enter your information (or click on Edit to continue with the existing form entry).
- If you haven't started entering K-1 information, continue through the screens, entering the requested information.
TurboTax Online
- Click Wages & Income.
- In the S-corps, Partnerships, and Trusts section, click the Start/Update box next to Schedule K-1.
Continue with step 4 above
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There is no K-1S entry form in the 1120S return because, in general, corporations aren't allowed to be shareholders of another S-corporations. The only exception is that it must own 100 percent of the shares of that S corp's stock and treat it as a subsidiary.
If this is the case, just manually enter the items from the K-1S in the correct area of the return (income, deductions, etc.).
@Madwonger
