Business & farm

Your facts are limited, but I will provide some comments:

• An S corporation is a pass-through entity and all income, loss, gain, etc is allocated to each shareholder in proportion to their ownership.
• Each year you will receive a K-1 and input the applicable K-1 line items into TT
• As an S corporation shareholder, you need to maintain a basis in your S corporation stock.  This is key.  
• Not sure how you maintained your S corporation basis in the past, but new this year is form 7203.  This form was developed, albeit overly complicated, to provide some consistency in tracking basis.
• As a Missouri resident, you will report all K-1 income on your Missouri tax return.
• In the past, pre 2022, Iowa required either Iowa withholding on a nonresident shareholder or the S corporation could file a composite tax return for nonresident shareholders. 
• If you had Iowa withholding remitted on your behalf, then you would need to file a nonresident Iowa tax return.
• If you were included in a composite tax return, then you would not need to file an Iowa nonresident tax return.
• For tax years 2022 and after, Iowa is eliminating the withholding and mandating all nonresident shareholders be included in a composite tax return.  As a result, for 2022 and after, you will not be required to file an Iowa tax return.
• If the S corporation had nexus (doing business in a state), other than Iowa it is the responsibility of the S corporation to make the shareholders aware of this.  This would be done through either another state K-1, another state withholding, another state composite return, etc.
• To avoid any double tax, you will receive a credit for taxes paid to another state on your Missouri tax return.