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February 15, 2024
Question

We already filled a 1120s form for our business taxes, do we have to enter the negative amount on my personal taxes?

  • February 15, 2024
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February 16, 2024

Yes! You should have a schedule K-1 in with the forms for your Form 1120S. You use that form to enter your S corporation income or loss on your personal tax return. You will enter it in the Wages and income section, then Business Investment and Estate/Trust Income, then schedule K-1.

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