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)
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.
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.