, 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 a Schedule K-1 you receive from the S Corporation (not Form 1120S). Schedule K-1s can be complicated forms with lots of lines, but TurboTax Premier or Home and Business editions will handle your entry.
In TurboTax Premier or Home and Business editions, enter your Form 1120S Schedule K-1 information:
- Enter k1 in the TurboTax search box and press the Enter key.
- On the Schedules K-1 or Q screen, click Yes.
- On the Tell Us About Your Schedules K-1 screen, click Start/Update next to S Corporations (Form 1120S).
- Enter your Schedule K-1 information on the following screens.