How to get myself a Schedule K-1 as an S Corp?

[jul44]

So I am in the process now of filling out an 1120S form for the LLC that I own that I have elected to have taxed as an S Corp. I see that there is a part of this form here that says 'Schedule K' but it does not says Schedule K-1 and it is part of the 1120S. From what I understand of taxes, I need to get myself a Schedule K-1 and fill it out using information that I have gotten from the Schedule K section of my 1120S. I cannot find the Schedule K-1 form on the IRS website for this year, do I first need to submit my 1120S and wait for the IRS to send me a Schedule K-1 to fill out for my shareholders, or is there a way I can get this form now? Am I also doing this the right way?

 

[eugenius25]

@jul44 Here is the link the to K1 - https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf.

Mine is auto-generated using tax software (I use TurboTax). Otherwise, the form itself is fairly straightforward. I'm a single-owner and only filled out lines 1 and 16 this year. If this is your first year, you shouldn't have to worry about basis until next year.

 

[jul44]

@eugenius25 I am also using Turbotax! What version are you using and does it generate the 1120S and the Schedule K-1 for you or just the K1? I think I would prefer to use Turbotax to generate both if possible, but it doesn't come up on my screen when I login. Do you have a different package with them?

 

[eugenius25]

@jul44 I'm just using Business 2020. If you're done with entering all the tax stuff, you can see a copy of your records before submitting by going to file > print/save for your records. I'm able to see my k1 this way without having actually filed yet.