Search Help Topics:

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

TaxAct® supports the Form 1120-S return and the individual Form 1040 U.S. Individual Income Tax Return 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 (Form 1120-S) Shareholder’s Share of Income, Deductions, Credits, etc. 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).

To enter the Schedule K-1 data 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 in the upper left-hand corner, then click Federal.
  2. Click Business Income in the Federal Quick Q&A Topics menu to expand, then click S Corporation income (Form 1120S Schedule K-1).
  3. Click + Add S Corporation Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


Was this helpful to you?