I am a little confused as to how to fill out schd K-1 along with the 1120S form.
In particular, the first entry in the schd K-1 is the ordinary business loss or income.
But the rest of the form asks for interest income, deductions, sec 179, which are ALREADY included in the ordinary business income or loss.
How come this double counting?
That's why I am confused.
Could someone please help?
How do I correctly fill out this form?
Thanks!
PM