topic I completed form 3115 to compute section 481 adjustment, but it doesn't seem to flow to 1120S. How do i enter a section 481 adjustment in Business & farm

I completed form 3115 to compute section 481 adjustment, but it doesn't seem to flow to 1120S. How do i enter a section 481 adjustment

kurtzr824 — Mon, 03 Jun 2019 17:34:54 GMT

Just include this as other income or other deduction on t...

Rick19744 — Mon, 03 Jun 2019 17:34:55 GMT

Just include this as other income or other deduction on the 1120S with an appropriate description; line 5 or line 19 of the form.

Thanks. That makes sense. I'm surprised the program doe...

kurtzr824 — Mon, 03 Jun 2019 17:34:56 GMT

Thanks. That makes sense. I'm surprised the program doesn't automatically transfer the adjustment amount from the 3115 to the 1120s

Welcome

Rick19744 — Mon, 03 Jun 2019 17:34:58 GMT

Welcome

Re: Just include this as other income or other deduction on t...

rmcallister2 — Sun, 23 Feb 2020 22:57:40 GMT

Will this solution apply to 1040 as well?

Re: Just include this as other income or other deduction on t...

MaryK4 — Tue, 10 Mar 2020 02:55:15 GMT

You can only add the 3115 if you are using the Desktop version- see Where can you upload a 3115 form to turbotax?

@rmcallister2

Re: Just include this as other income or other deduction on t...

laura111 — Wed, 08 Apr 2020 05:20:58 GMT

Hi,

If I am not a corporation and do not file a 1120, where do I make this adjustment as a self-employed filer?

Would it be added under ordinary business income/business deductions? I have a section 481 adjustment of (7,000) and after completing all required parts of Form 3115 in TurboTax , it did not feed into the rest of the return.

Re: Just include this as other income or other deduction on t...

BillM223 — Wed, 08 Apr 2020 15:15:59 GMT

I would enter it under "Other Expenses" on your Schedule C (sole proprietorship business). This gives you a chance to explain what it is.

If the original item was business income or expense, then net result will be the same no matter what line you put it on.