Where do I enter a loss carryover on an 1120-S return?
A "share" (or portion) of an S corporation's income, losses, deductions, and credits is "passed through" to each shareholder. The corporation itself is responsible for the tax on certain built-in gains and passive income.
Generally, each shareholder will report these items on his/her personal tax return and will be taxed at individual tax rates. Each shareholder should receive a K1 from the corporation showing his/her share of each type of income, loss, deduction, or credit.
For more information, see the Instructions for Form 1120S and K1 Instructions.
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