If you received a Schedule K-1 (Form 1120S) as a shareholder, to make the entry, go to:
- Federal Section
- Income -Select My Forms
- Less Common Income
- K-1 Earnings
- Schedule K-1 Form 1120S
Schedule K-1, Form 1120S, you receive should only reflect your share of income, deductions and expenses as applicable.
The program will carry the figures that you enter to the appropriate places on your return. If you would like to know where to look for each item, please refer to the instructions for entering information from your Schedule K-1, Form 1120S. Below are links to IRS forms. These may be helpful in completing the entry of your Schedule K-1.
- Shareholder's Instructions for Schedule K-1 (Form 1120S)
- Blank Schedule K-1 (Form 1120S) - includes descriptions of each box/section and explanations of where each item should be reported.
- How Do I Report the 1120-S Entries That Are Not Shown in the Program?
Note: Some items reported on your Schedule K-1 (Form 1120S) may need to be entered directly into a specific form instead of the K-1 entry screen. Please refer to the links above to determine if this is case for any items that do not have an entry field located on the K-1 entry screen.