I have an Scorp that I pay myself a salary through. Do I need to list my income from business draws on my personal tax return or how do I list it in Turbo Taxes Home and Business product?
You'll need to sign in or create an account to connect with an expert.
@Kaleb Brown Your post shows you are using the Home & Business desktop edition for Windows.
This procedure should have gotten you to entry of the Schedule K-1. If not where is there a mistake in the procedure
To enter a Schedule K-1
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button
Have you tried entering a k-1 in the Search box located in the upper right of the desktop program screen and clicking Jump to k-1?
You enter the Schedule K-1 received from the S Corporation.
To enter a Schedule K-1
Click on Federal
Click on Wages & Income
Scroll down to S-corps, Partnerships, and Trusts
On Schedule K-1, Q, click on the start or revisit button
Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1
Or -
To enter a Schedule K-1
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button
I must have a different view than you because when I try and follow either of those directions I cant find it.
Could you be a little bit more specific and describe for me again how to list business draws on my personal tax return or if they dont have to be listed? I have my K- 1.
What version do you have? You need Online Premium or any of the Desktop download programs to enter a K-1.
@Kaleb Brown Your post shows you are using the Home & Business desktop edition for Windows.
This procedure should have gotten you to entry of the Schedule K-1. If not where is there a mistake in the procedure
To enter a Schedule K-1
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button
Have you tried entering a k-1 in the Search box located in the upper right of the desktop program screen and clicking Jump to k-1?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cmwexpress
New Member
ZacharyG
New Member
comeauwj
New Member
KMJK
Level 2
robert-keefe
New Member