Schedule K1

[Pasor497]

I would like where do I report ordinary business income loss on 1040, thank you.

[ThomasM125]

You reference a K-1 schedule, so I assume you want to report the ordinary loss listed on a K-1 schedule on your personal tax return. You can follow these steps to enter the K-1 schedule in TurboTax:

1. Choose the Federal option on your left menu bar
2. Choose Wages & Income
3. Choose Business Investment and Estate/Trust Income
4. Choose Schedule K-1 and follow the instructions

You must indicate in TurboTax that you are at risk and materially participate in the venture for the loss to be deductible against ordinary income on your personal tax return.

[Pasor497]

Thank you for your replied, I guess I need turbo tax business, I am using TurboTax home and business because it said if you have a corporation partnership or multi-member LLC I have to use turbo tax business.

[MinhT1]

If you wish to prepare the tax return of a business (LLC/partnership, S-corporation or C-corporation) then you have to use TurboTax Business which can be purchased HERE.

If the business is a LLC/partnership or S-corp, TurboTax Business will prepare for each member/shareholder a Schedule K-1 which is to be entered on the member/shareholder's personal tax return as indicated above by Tax expert @ThomasM125

[Pasor497]

I have the k1 form 1120-s already done, how do I reported the loss earnings, do I have to file schedule E or I have to file schedule E and schedule 1 before transferring to 1040 and what line?

[AliciaP1]

You can get to the section to enter a Schedule K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
5. This will take you to the Schedules K-1 or Q screen
6. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

@Pasor497  

[Pasor497]

Thank you