Question

Home and Business - K1 / 1120S Form

Forum|Forum|2 years ago
March 18, 2024
1 reply
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I contact Turbotax before purchasing the Home and Business desktop version and explained that I am a sole-member LLC with S-corp tax treatment, and that my accountant already filed my business taxes (K-1 / 1120S). It was recommended that I purchase the Home and Business version for personal taxes so that I can input the information from the K-1 and the 7203 form. However, I am finalizing taxes, and it is generating a K-1/1120S. Was I provided incorrect information or will the IRS be confused that I already filed these forms and it's being included in my personal taxes.

PatriciaV

The Schedule K-1 (Form 1120S) you see in the forms of your return represents the entries you made from the K-1 provided to you from the S-Corp. The IRS receives only Schedule E, which includes a summary of this information on Page 2.

You can tell which forms do not go to the IRS by the phrase "Keep for your records" under the title of the form.

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