Entering Schedule K-1 form 1120-S Information

[prvidmar]

I received a K-1 form 1120-s for an S-Corp that I am 50% owner in. How do I enter the 50% ownership information? and does this effect my tax liability on the ordinary income from the business?

[Mike9241 · Accepted solution]

the only crucial information you have to enter is

Part 1 items A & B

Part III all - the numbers already reflect your allocable share 

box 17 presents an issue since some items are relevant to your taxes others are not. Some of the relevant items may not be supported by Turbotax. it should let you know if that's the case. 

if you got distributions or there was a loss you'll need to complete form 7203

[prvidmar]

Thanks, I just noticed that it says "Shareholder's Share..." in Part III, so that makes sense that percent of ownership doesn't matter.

[MIKEYP12]

I can't find a place on Turbo Tax deluxe to enter my k-1 information. I can only see sch K

[PatriciaV]

If you are using TurboTax Online Deluxe, you will need to upgrade to TurboTax Premium in order to enter Schedule K-1. See Where do I enter a Schedule K-1 that I received?

If you're using TurboTax Deluxe installed on your computer, search for "k-1" and click the "Add/edit Schedule K-1" link.

@MIKEYP12