topic I put in my S Corp partnership percentage from my K-1, but it indicated that it was not required. Will it figure out my profit percentage for personal taxes? in Business & farm

I put in my S Corp partnership percentage from my K-1, but it indicated that it was not required. Will it figure out my profit percentage for personal taxes?

mandjcrew — Mon, 29 Mar 2021 19:17:02 GMT

It seems, as I've gone along, to not be computing everything to my 65%. I'm concerned that because it indicated that to input my percentage was optional and wouldn't affect anything, it's not figuring correctly.

Re: I put in my S Corp partnership percentage from my K-1, but it indicated that it was not required. Will it figure out my profit percentage for personal taxes?

Mike9241 — Mon, 29 Mar 2021 19:46:13 GMT

in your situation, the entity files either an 1120-S (s-corp) or 1065 (partnership) depnding on what type of tax entity was selected. you can not do that rerun with the SE version. that's only for your 1040. to do the business return you need Turbotax Business which will install only on a windows pc

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

once done there should be k-1 for you representing your 65% share. that's what gets entered into your se return

Re: I put in my S Corp partnership percentage from my K-1, but it indicated that it was not required. Will it figure out my profit percentage for personal taxes?

mandjcrew — Mon, 29 Mar 2021 19:49:01 GMT

I do have a K1 as an S Corp and it reflects my partnership percentage. We sold and disposed of the business last year. However, Turbo Tax business asks me to put in the sale price, which is the whole amount. Then asks questions based off my K1. Will it use that info correctly to not count the entire sale price as my own?