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Small business taxes

I have done my business side, so I have the Schedule K-1, I’m using Turbo tax, it’s got me under self employed, but it’s like it’s wanting me to start over and put everything in again the same as I had to do when I did my business side. Is that right? I thought I would only use my profit or loss amount for each of us on the Schedule K-1 sheet. This is really confusing me!

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Small business taxes

You will NOT enter all the business info again on the personal return ... skip the Sch C section all together ... if you entered in anything in that section then delete it ... only the K-1 is entered on the personal return.

 

To enter a K-1 go to 
Federal Taxes Tab ( Personal in the H & B or SE  versions )
Income & expenses
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Then scroll way down to Business Items
Schedules K-1, Q - Click the Start or Update button 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

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