Wrong options available on 'Tell us about your schedules K-1' screen.

[169ministorage]

I am using Turbo Tax desktop Business 2023 to file my Form 1120S. 

My Scorp receives a schedule K-1(1120-S) from another S corp. 

On the 'Tell us about your schedules K-1' screen there are two options:  Partnerships or LLCs (Form 1065) and Trust or Estate (Form 1041).   There is no option for selecting Scorps or Corporations (Form 1120S) which is the form I received.

FYI on the 'Tell us about your schedules K-1' screen there is a check mark already provided by Turbo Tax in the box for Partnerships or LLCs (Form 1065)  I can not uncheck this box.

If I go back to the Corporations Owned Summary screen (where I input info about the scorp which I own), everything is input correctly and there is no place to indicate this is a scorp.

If I try to proceed with entering my K-1 info on into turbo tax (with the K-1 Form 1065 box checked) the boxes on the turbo tax screen do not match the boxes on my K-1 (form 1120S).  For example Turbo Tax says Box 17 is related to AMT while my K-1 says box 17 is Other Information (and AMT is listed as box 15.

Please help me get Turbo tax to accept information from my schedule K-1 (Form 1120S)

[PatriciaV · Accepted solution]

Per the IRS, S corporations cannot be owned by a partnership or corporation. This means that an S-Corp cannot own another S-Corp, unless it is reported as a subsidiary. For this reason, there is no K-1 entry option for 1120-S K-1s.