, Answering FAQ'sTurboTax Employee
Form 1120S is used to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation. An S Corporation does not pay tax on its income but “passes through” any profits or losses to its shareholders on a Schedule K-1.
If you have an S corporation business and need to report your corporate income, see TurboTax Business - Easily Prepare and File Your Business Taxes.
If you are a shareholder in an S Corporation, the information you need to prepare your individual tax return is on Schedule K-1, not Form 1120S.
For more information about Schedule K-1, refer to Schedule K-1, Partner/Shareholder/Beneficiary share of Income, Deductions, Credits.