topic Where do I input form1120-ic-disc in Get your taxes done using TurboTax

Where do I input form1120-ic-disc

iffer811 — Mon, 03 Jun 2019 19:42:08 GMT

I did not receive a schedule K-1 for the business and only received a schedule K form 1120-IC-DISC. Prior responses indicate the form 1120-IC-DISC should be entered under S Corps in the personal income section but it asks for the K-1 information. Am I going to the wrong section or should I request a schedule K-1 from the business?

You will not have to file this form on your tax return. Y...

MollsBBU — Mon, 03 Jun 2019 19:42:09 GMT

You will not have to file this form on your tax return. You will only enter any dividends received from a corporation in thedividends and distributions section of wages and income.

To do so, navigate to the dividends and distributions section of TurboTax:

With your return open, click the Federal Taxes tab
Then, Wages & Income
Desktop users will then need to click I'll choose what I work on
Click Jump to full list if you see it
Then, scroll down to the "Interest and Dividends" section.
Click Show more to expand this section in TurboTax Online
Next to "Dividends on 1099-DIV", click Start/Revisit/Update

At this point, reference your Form 1120-IC-DISC.

The amount on line 5 will be entered to box 1a. And, if your Form 1120-IC-DISC reports qualified dividends (see below) you will enter that amount into 1b of the 1099-DIV section of TurboTax.

Read more about qualified dividends here: Ordinary Versus Qualified Dividends

Any portion that is not on line 5, but is on line 3 of Form 1120-IC-DISC, will go to box 2a of 1099-DIV section.

For example, On Schedule K, line 3 is 1000 and line 5 is 800. Then, on 1099-div, box 1a(1b) will have 800, box 2a will have 200.

What if the dividends are only qualified? If you enter an...

tmstrayer1- — Mon, 03 Jun 2019 19:42:11 GMT

What if the dividends are only qualified? If you enter an amount in line 1a it bumps your taxes up 45%! How is that right if they are qualified?