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How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

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?

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How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

@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?

 

Search Box K-1.JPG

 

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5 Replies

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

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

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

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

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

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. 

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

What version do you have?  You need Online Premium or any of the Desktop download programs to enter a K-1.   

How do I report my S corp buisness through the K - 1 (Form 1120-S) on my personal return?

@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?

 

Search Box K-1.JPG

 

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