topic We own and S Corp and using Turbo Tax for the first time instead a CPA firm. I do not have a Schedule K-1 form in hand, how can I obtain my Schedule K-1 form? in Business & farm

We own and S Corp and using Turbo Tax for the first time instead a CPA firm. I do not have a Schedule K-1 form in hand, how can I obtain my Schedule K-1 form?

learnsquash — Sat, 13 Jul 2019 21:01:25 GMT

Re: We own and S Corp and using Turbo Tax for the first time instead a CPA firm. I do not have a Schedule K-1 form in hand, how can I obtain my Schedule K-1 form?

Anonymous_ — Sat, 13 Jul 2019 22:26:50 GMT

Please contact a tax professional for tax guidance and return preparation.

The K-1 for your S corporation is generated in the process of preparing Form 1120-S for the corporation. You would then enter the information from that K-1 into your individual income tax return.

TurboTax Business (which is not available online or for a Mac, but must be installed and run in a Windows environment) can be used to prepare an 1120-S for an S corporation (see link below).

However, you absolutely should not attempt to handle this yourself but, instead, have the return prepared by a tax professional who is well-versed in corporate taxation.

https://turbotax.intuit.com/small-business-taxes/

Re: We own and S Corp and using Turbo Tax for the first time instead a CPA firm. I do not have a Schedule K-1 form in hand, how can I obtain my Schedule K-1 form?

Critter — Sun, 14 Jul 2019 21:56:09 GMT

The filing deadline was back in March so unless you put the corp on extension the late filing penalties are adding up so get this done ASAP.

If the 1120S is filed after the deadline, the IRS charges each shareholder a late-filing penalty in the amount of $195 for each month, or part of the month, that the return is late for up to 12 months.