1120S Other Deduction Form

[SensibleandHourly]

Good afternoon, Community, 

I recently took on a new client with an S-Corp. I've only completed a few of those types of returns and the 2021 tax package has a Form entitled "Additional Information from your 2021 US Form 1120S: Income Tax Return for S Corp". With Subheadings - Other Deductions/Description to the Left and Continuation Statement/Amount to the Right. I can see this where the prior preparer declared seven business deductions. However, I cannot seem to find this form anywhere and wondered if anyone in the community uses it for this purpose or is there simply a better place to declare expenses for the S-Corp? 

Thank you, everyone, 

Gotta love summer taxes! 😉 

Dawn

[IRonMaN]

Have you checked out line 19 - other deductions?

[SensibleandHourly]

Well, I can't seem to find Line 19. I have started to build this in the Professional version, but the worksheet doesn't seem to go past Line 17. I must be missing something. 

[IRonMaN]

If you have "form 1120S p1-2" open, line 19 is there.

[SensibleandHourly]

Good morning, 

My apologies for not responding sooner. I had typed a response but failed to hit 'post'. 😉 

So, the Form I have up is titled: Sch K-1 Wks S Corporations. That is in the blue bar at the top. Underneath in the open white area, it says that it is a schedule K-1 (Form 1120 S). It also has this description: Shareholder's Share of Income, Credits, Deductions, etc. 

Still no Line 19 so I must be on the wrong form or wrong version? I'm in ProSeries Professional. 

So confused! 😉 

[IRonMaN]

You are on the wrong form.  The K-1 is the shareholder reporting form flowing from the 1120S.  You need to start with the 1120S.

[SensibleandHourly]

Ah, and when I search for "form 1120S p1-2", it doesn't come up! No wonder I can't find Line 19. 

[IRonMaN]

Look at the forms list on the left side of the screen.  It isn't too far down from the top.

[SensibleandHourly]

Ok. But can't find that form either. I'm not normally this dense when it comes to finding things. I've been searching for 1120S and it doesn't populate at all. Only K-1 sheets. Does the S-Corp need its own return rather than combined with this couple's 1040? I thought that was how to get the income/loss to flow to the household tax situation? 

[IRonMaN · Accepted solution]

Unfortunately you aren't going to find an 1120S form in the 1040 module.  You need to download the 1120S module.  Based on your struggles with this, you might want to refer the return to someone else that has experience preparing Sub S returns.

[SensibleandHourly]

Thank you!!! Very much appreciate your patience. 🙂 

[IRonMaN]

You betcha!