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If you are a shareholder in an S-corporation, the S-Corporation must file its own tax return on Form 1120S, which is due on March 15th for calendar year filers.

TaxAct® supports the Form 1120S return and the individual Form 1040 return. You can obtain additional information and order both programs at www.TaxAct.com
 
An S-corporation is a pass through entity, meaning it will pass all income to each shareholder to report on their individual income tax return. When the S-corporation return is prepared, it must produce a Schedule K-1 for each shareholder. This K-1 is reportable on the individual’s personal income tax return. Generally, an S-Corporation will only be taxed at the business level when they switch from being a C-Corporation to an S-Corporation; however, there are other situations in which an S-Corporation may be taxed (and it does not flow through to the shareholders).

The Schedule K-1 data is entered in the Business Income section of the TaxAct 1040 program.
  1. From within your TaxAct return(Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.  
  2. Click Business Income 
  3. Click S Corporation income (Form 1120S Schedule K-1)
  4. The program will proceed with the interview questions for you to enter or review the appropriate information

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