topic How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return? in Get your taxes done using TurboTax

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

Kaleb Brown — Tue, 28 Jan 2025 21:16:21 GMT

I have an Scorp that I pay myself a salary through. Do I need to list my income from business draws on my personal tax return or how do I list it in Turbo Taxes Home and Business product?

Re: How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

DoninGA — Tue, 28 Jan 2025 21:18:27 GMT

You enter the Schedule K-1 received from the S Corporation.

To enter a Schedule K-1

Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button

Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

Re: How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

DoninGA — Tue, 28 Jan 2025 21:19:16 GMT

Or -

To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button

Re: How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

Kaleb Brown — Tue, 28 Jan 2025 22:32:11 GMT

I must have a different view than you because when I try and follow either of those directions I cant find it.

Could you be a little bit more specific and describe for me again how to list business draws on my personal tax return or if they dont have to be listed? I have my K- 1.

Re: How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

VolvoGirl — Tue, 28 Jan 2025 22:39:05 GMT

What version do you have? You need Online Premium or any of the Desktop download programs to enter a K-1.

Re: How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

DoninGA — Tue, 28 Jan 2025 22:41:17 GMT

@Kaleb Brown Your post shows you are using the Home & Business desktop edition for Windows.

This procedure should have gotten you to entry of the Schedule K-1. If not where is there a mistake in the procedure

To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button

Have you tried entering a k-1 in the Search box located in the upper right of the desktop program screen and clicking Jump to k-1?