I'm using TurboTax and am confused how to report my profits from my S-corp.

On my S-corp K-1, I set line 17c "Div distributions paid from accum earnings" equal to my S-corp's ordinary business income.

But should I enter this as 1040 sched-C income or just 1099-DIV?

More Details: I'm a self-employed consultant. I entered all my earnings in the 1120S including all expenses.
I filled out the K-1 as follows: Line 1: all my income from 1120s line 21 = $105000 Line 17c =$105000 Line 18 = $105000

  • Line 17 code C is not where any kind of distributions would appear on a S-Corp K-1 so I guess I'm a little confused by your question. Could you possibly add a few details? – mikeford Mar 19 '17 at 0:39
  • Then I'm confused. How do I indicate, on the 1120S, the amount of earnings that I flowed through to my personal 1040 form? Should I erase line 17c and assume IRS will know the about on line 18 flows through to my 1040? – Doug Null Mar 19 '17 at 15:48
  • The sentence starting "On my S-Corp K-1," is where the confusion is. What you really mean is Line 17c from Schedule K of your 1120S. That is where your share of earnings would show up on the corporate return, not on the K-1. The number on the K-1 from Line 17c of Schedule K would show up in Box 1 as you have noted in your edited version. – mikeford Mar 19 '17 at 16:13
  • Just to clarify my previous statement, there is no line 17c on a K-1. You can put a number on line 17, but if you use code c it will be translated as "Qualified Rehabilitation Expenditures" which I don't think is what you want. You are probably thinking of line 17c from Schedule K of your Form 1120S and that would not be correct either under the facts you have given so far. – mikeford Mar 19 '17 at 21:08

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