K-1 Ordinary Business Income or Loss

[AskYAnalytics]

How do I find / calculate my ordinary business income or loss?

[Anonymous_]

Are you using TurboTax Business? Which type of return are you preparing?

Have you proceeded through the Interview (Step-by-Step)?

Your ordinary business income (loss) is on Line 1 of your K-1.

[AskYAnalytics]

Hello,

Thank you for the response.

Yes, I'm using TurboTax Business.

Yes, I'm proceeding through the interview (Step-by-Step) but I still don't understand some of the questions.

I don't know what to put on Line 1 of the K-1. I can't even find the K-1 Form 1120-S in TurboTax Business. Where is it? Then when I find it, what do I put on Line 1 for Ordinary Business Income or Loss?

[JohnB5677]

Ordinary business income includes any earnings your company makes through daily operations. Profit from selling a product or providing a service is ordinary business income.  This income will flow to you, or to partners, through a K-1 that is issued by the corporation, to the individual members.

Please see Shareholder's Instructions for Schedule K-1  Under Specific instructions

The K-1 will be posted to your individual tax return.

[Anonymous_]

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@AskYAnalytics wrote:

I don't know what to put on Line 1 of the K-1. I can't even find the K-1 Form 1120-S in TurboTax Business. Where is it? Then when I find it, what do I put on Line 1 for Ordinary Business Income or Loss?

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You do not enter any figure directly on the K-1(s). The figures you enter during the interview process will flow through to your K-1(s).

Start at the beginning of the Interview in the Business Info tab and proceed from that point.