Hi,
Here are S corp instructions regarding your K-1 https://www.irs.gov/instructions/i1120ssk#:~:text=Use%20these%20instructions%20to%20help,subject%20t...
As you can see in the purpose of Schedule K-1 section, Your share of S corporation income isn't self-employment income and it isn't subject to self-employment tax.
In addition, here is an additional article regarding S corporations: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations#:~:text=Shareholders%20...
Yes, shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates.
Also, here is information regarding entering a NY K-1 into Turbotax: https://ttlc.intuit.com/community/state-taxes/discussion/where-to-enter-new-york-schedule-k-1-equiva...
The New York K-1 could be very similar to the federal K-1, it may have very little information, and it may possibly be different from the federal K-1, just depends.. The example in the article indicates that a New York K-1 may have info that is "information only," which would not require you to enter anything.
Here is an article regarding how to enter a K-1 in TurboTax: https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-k-1-recei...
You can also go to federal-wages and income-S corps and partnerships near the bottom-and then enter the K-1.
Thank you,
John
CPA
