Hi,
I own and am the only member of a business that is taxed as an S-Corp. I received a 1099-NEC and filled out a 1120S with the information on the 1099-NEC and created also a K1 for myself.
When I start to input information on Turbotax Home and Business it is counting my income as double when I type in my s-corp business income (under business tab), and then typing the K1 info (under personal tab).
Should I only type in my business income/expenses and not fill out the K1 under personal tab so income isn't counted twice?
For future years, how can I type in the correct info to turbotax if my 1099-NEC states for example $100k income but my K1 says the business had income of $60k and distribution to me (only owner/shareholder) of $40k?
