Ordinary Business income form 1120S duplicated on 1040SR

[hotboxdp]

I have a home based S-Corp.  I filled out form 1120S with TurboTax Business.

When doing form 1040SR in TurboTax Home & Business, Schedule 1 Part 1 Line 3 (Business Income) is the same income as Line 5 (Rental real estate, royalties, partnerships, S corporations, trusts, etc) basically doubling my income.  What am I doing wrong?

[Anonymous_]

In addition to entering the information from your K-1 (1120-S), are you also entering (the same) figures in Schedule C (for your S corporation)?

Only enter the K-1 (1120-S) unless you have a business separate from your S corporation's business.

[hotboxdp]

I removed the K-1 and it's OK now.  Thank you.

[Anonymous_]

@hotboxdp 

In the process of preparing the 1120-S for your S corporation, a K-1 should have been generated. 

The K-1 (1120-S) is what you would enter into your individual income tax return, not the figures directly from the 1120-S.

[hotboxdp]

So because I'm a S-Corp I shouldn't be entering anything in the Business section of TurboTax Home & Business?

I should only report the K1 (Ordinary Business Income) in the Personal section?

[Anonymous_]

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@hotboxdp wrote:

I should only report the K1 (Ordinary Business Income) in the Personal section?

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Yes, that is correct.

[hotboxdp]

I understand.  Let me ask one other question.  In TurboTax Business I reported my W2 total.  Then in TurboTax Home & Business I also entered the complete W2 info in the Personal section.  Is this correct?

[Anonymous_]

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@hotboxdp wrote:

Is this correct?

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Yes, that is correct. Enter your K-1 and the W-2 you received in Home & Business.

[hotboxdp]

OK, it all looks good except I keep getting this error during the check and even though I enter the amount ($3200) it continually says there's an error.

[AliciaP1]

The error is referencing Statement A but is defaulting to your K-1 entry.  You need to scroll down to the line items on Statement A and enter the matching information from your QBI details or Statement A you received with your K-1.  Or you can go back through the step-by-step interview and enter the information by following these steps:

1. Sign in and open your return by selecting Pick up where you left off under a section.
2. Search for K-1 and select the Jump to link at the top of the search results.
3. This will take you to the Schedules K-1 or Q screen.
4. Answer Yes and follow the prompts. 
5. After you have verified all the box information and codes have been entered, you will be asked to enter specifics about your Section 199A QBI income.  Here you will enter the specific line items referenced on your Statement A or QBI details.

@hotboxdp