topic TurboTax Business 1120-S in Business & farm

TurboTax Business 1120-S

kigp — Thu, 13 Feb 2025 21:30:00 GMT

I have entered 0 business income and an amount of Investment Income into TurboTax Business. When I review my finalized return, the investment income is not showing up on the final return. I do not see any way to get this income to show on my return.

Re: TurboTax Business 1120-S

M-MTax — Thu, 13 Feb 2025 21:35:14 GMT

It should appear on Schedule K of your 1120-S and your K-1(s).

Re: TurboTax Business 1120-S

kigp — Thu, 13 Feb 2025 21:42:43 GMT

Thanks, I found that while I was awaiting a reply. So due to S-Corp, investment income flows to shareholder and is not listed in corporate income.

Re: TurboTax Business 1120-S

RobertB4444 — Thu, 13 Feb 2025 23:36:10 GMT

For an S-Corporation some investment income passes straight through to the owners on their K1s. Make sure that your investment income isn't showing on the K1 since that may be where it has entered (as well as in schedule K on page 3 of the form).

@kigp