An S-Corp's Retained Earnings balance is not reported on a K-1 (Form 1120s) Shareholder's Share of Income, Deductions, Credits, etc.
When entering your information to complete your personal tax return (1040) you need to enter the data from the K-1 you receive, not the entire 1120S.
To do this in TurboTax you can follow these steps:
- Sign in and open your return by selecting Pick up where you left off under a section.
- Search for K-1 and select the Jump to link at the top of the search results.
- This will take you to the Schedules K-1 or Q screen.
- Answer Yes and follow the prompts.
- We’ll ask some questions about your K-1, and then you’ll enter the data from the form.
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