topic new s-corp income and aligning with personal 1040 in Business & farm

new s-corp income and aligning with personal 1040

newllc19 — Thu, 29 Aug 2019 23:18:34 GMT

Can you help on how in the personal turbo tax (e.g. home and business) I would enter my business that is a S corp? Or do I just "pretend"(treat as) for my 1040 that I am just the employee (not owner) of the S-corp employee (and record any distributions from Scorp as shareholder from K-1 on Schedule E/C)

Just not sure how to combine the reality of the LLC classified as S corp into the turbotax home and business to get my 1040 aligned with the business turbotax K-1that the S-corp files along with 112

Re: new s-corp income and aligning with personal 1040

Anonymous_ — Thu, 29 Aug 2019 23:24:46 GMT

See https://ttlc.intuit.com/community/business-taxes/discussion/re-when-you-complete-the-form-1120s-in-turbotax-business-yo/01/846568/highlight/false#M32899

Re: new s-corp income and aligning with personal 1040

VolvoGirl — Thu, 29 Aug 2019 23:25:46 GMT

You only enter the K-1 and a W2 you get from the 1120 S corp return. You didn't need the Home & Business version.

To enter a K-1 in the Home & Business version go to

Personal

Personal Income

Choose I'll choose what I work on

Then scroll way down to Business Investment and Estate/Trust Income

Schedule K-1 - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Re: new s-corp income and aligning with personal 1040

newllc19 — Thu, 29 Aug 2019 23:52:27 GMT

thanks, to confirm then, for the above scenario, even though the scorp is my business for purposes of turbo tax (personal SE or home/bus) when going thru the step by step I do not list it as "my business" that is only for (in TT) schedule C business eg sole prop.

And in TT personal/home/bus for S corp info it is entered in personal for the K1 to scchedule E info.

I think I got it.

Thanks both.

Re: new s-corp income and aligning with personal 1040

VolvoGirl — Thu, 29 Aug 2019 23:57:00 GMT

Right.