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Welcome and thanks for your question!
What tax form are you trying to carry the lines to?
And are you talking about the 1120S K-1 or the 1120S itself?
I'm looking at the 1120S itself, but I believe I also need to take it over to the K1 right? But, am I carrying anothing over to the personal 1040 from the 1120S, it talks about the tax from Schedule D.
What page of 1120S?
No I was looking at page 1 of the 1120S line 22b
Line 22b carries over from Section 3 of the 1120S (Built-in-gains tax) line 23.
Was the S Corp formerly a C Corp?
Line 7: Compensation of officers; Line8: Not anywhere; Line 21: Ordinary income
S Corp was not formerly a C Corp
Line 22b does not apply if the S Corp was not formerly a C Corp.
Thanks that makes sense.
Line 7 and 8 don't carry to/from anywhere. They are just deductions taken in arriving at Line 21 ordinary income.
Line 21 carries to Line 1 of the 1120S Schedule K, which then ultimately flows through to the S Corp shareholders on line 1 of their K-1s
So I will just go to line 1 of the K1 with line 21.
And this ordinary business income from line 21 after being carried to the K1 then goes to the personal 1040?
You are so wonderful! I have been trying to get you for some time because you helped me once before and were fantastic. Even though I pay monthly I always like to add something when you help me. I may have more later today or tomorrow trying to get this tax stuff done. Thanks again!
So glad I could help you out!