S-Corporations & Partnerships

About the entity:

Select from the following selections:

• Owner (MFJ Returns Only)
  • Taxpayer or Spouse

• Entity Type:
  • Partnership or S-Corporation

• Employer Identification Number (EIN)

Name of Partnership or S-Corporation:

Enter the name of the Partnership or S-Corporation.

• Do not enter multiple listings together.
• There is no limit to the amount of Partnership and/or S-Corporation listings a return can have and still be eFiled with.

Check the Boxes That Apply

Check the box that applies:

• All Investment At Risk
• AMT Items To Report
• Foreign Partnership
• Publicly Traded Partnership

Passive Income or Loss

Enter the gross amount before adjustment for Passive Activity Income or Losses and provide any prior year unallowed loss.

• Passive Income Amount
• Passive Loss Amount
• Prior Year Unallowed Passive Activity Loss

Important

• Enter "Passive Loss Amount" as a positive amount. The system will automatically calculate as a negative amount.
• Make sure you enter the amount within the correct field/box.

Sold or Otherwise Disposed Properties:

• Check here if this property was sold in the tax year and provide passive gain or passive loss amounts.
• Enter "Loss Due to Disposition Amount" as a positive amount. The system will automatically calculate as a negative amount.
• Make sure you enter the amount within the correct field/box.

Non-Passive Income or Loss

• Non-Passive Income Amount
• Non-Passive Loss Amount
• Non-Passive Section 179 Expense Deduction

Important

• Enter "Non-Passive Loss Amount" as a positive amount. The system will automatically calculate as a negative amount.
• Make sure you enter the amount within the correct field/box.

Income from a Farming or Fishing Partnership

Check the box if the income or loss entered within this section is from a farming or fishing partnership.

Income or Loss Subject to Self-Employment Tax:

These amounts will be used to calculate Earned Income and will be added to the Form 1040 Schedule SE.

Important:

• Make sure you enter the amount within the correct field/box.
• Enter "Self-Employment Loss Amount" as a positive number. The system will automatically calculate as a negative amount.

Self-Employed Health Insurance:

Enter here amounts from the following:

• If you are a partner with net earnings from self-employment reported on Schedule K-1 (Form 1065).
• If you are a shareholder owning more than 2% of the outstanding stock of an S-Corporation and have a Form W-2 from the EIN of this S-Corporation, you can make an entry here.

Enter the Net Profit and any Other Earned Income From this Business:

• Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created.
• However, it does not include capital gain income. If you were a more-than-2% shareholder in the S corporation under which the insurance plan is established, earned income is your Medicare wages (box 5 of Form W-2) from that corporation.

Self-employed Retirement Contributions

• This amount should be shown on the Schedule K-1 (Form 1065).
• Note that the system does not calculate the Deduction Worksheet for Self-Employed in IRS Publication 560 to verify the maximum deductible contribution amounts.