1120S Other Deduction Form

Forum|Forum|2 years ago
August 1, 2023
1 reply
52 views

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

ProSeries Professional

This topic has been closed for replies.

Best answer by IRonMaN

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?

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.

IRonMaN

Level 15

Have you checked out line 19 - other deductions?

Slava Ukraini!

SensibleandHourlyAuthor

Level 6

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

Level 15

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

Slava Ukraini!

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