Form 1120s schedule k1

[tan12]

i file the tax using Premier version, but i dont see the option to fill in the info for form 1120s K1.can  you help?

[MinhT · Accepted solution]

To enter your form 1120s Schedule K-1 in TurboTax, open your return and follow these steps:

• Click on Federal Taxes, then on Wages and Income
• Under All Income, locate the Other Business situations section
• Click Show more and click Start next to Schedules K-1, Q (see attached screenshot).

[MPatten]

I'm having the same issue.  I have been using TurboTax Premier since 2014 and only started having trouble with my K-1 Forms when filing my taxes for 2018 & 2019.  

I click on Federal Taxes / Wages & Income / Schedules K-1 

I see S Corporation (Form 1120S) listed in the section of K-1 Forms, but when I start I am only able to enter very minimal data.  The first page is a breeze, but I have 9 additional pages of data that I need to be entered and I do not see these additional pages on Turbo Tax.

[Madwonger]

I have a K-1 that I received from a form 1120-S company and trying to find out how and where to file it on my corp-S account.  I am using the turbo tax business 2020.

Was trying to enter the information under "Income" "Schedules K-1" and found that there is no  Form 1120 optional to choose from.   Only Form 1065 or Form 1041.

Can you help me.

[Irene2805]

When entering the information, please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

To enter information from Schedule K-1, please follow these steps:

TurboTax CD/Download

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on. 
2. Under Other Business Situations, click on the box next to Schedules K-1, Q.
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity that issued the K-1 (Partnership, S-Corps., Trust/Estate).
5. If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

 TurboTax Online

1. Click Wages & Income.
2. In the S-corps, Partnerships, and Trusts  section, click the Start/Update box next to Schedule K-1.

Continue with step 4 above

* * * * * *

There is no K-1S entry form in the 1120S return because, in general, corporations aren't allowed to be shareholders of another S-corporations. The only exception is that it must own 100 percent of the shares of that S corp's stock and treat it as a subsidiary.

If this is the case, just manually enter the items from the K-1S in the correct area of the return (income, deductions, etc.).

@Madwonger