Filed my s corp, now how do I file my personal

Forum|Forum|2 years ago
September 26, 2023
2 replies
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Previously a sole propriretor. Did my taxes with Turbotax, personal and business together. Last year I became an S-Corp. I've filed my corporate taxes and now have my K-1. How do I file my personal? More specifically do i write off anything? Do I include my W-2 from my S-corp? do I write off my car or car maintenance? The tax software sees my prior years, so How do I start over on turbo tax? Oddly, how do i do my personal taxes?

TurboTax Home & Biz Windows

VolvoGirl

Employee

To start over in the Desktop program you just start another new return. Go up to File-New. You enter both the W2 and K-1 into your personal return.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

TexasAubsAuthor

Thank you.

Also, I filed extension and paid anticipated taxes. If I start new will this be included?

VolvoGirl

Employee

No. You have to enter everything again. You are starting over because you don't want to transfer from 2021, right? You will have to enter all your personal info and income etc.

To enter the amount you paid with an extension (including state extension) go to

Federal Taxes (or Personal for desktop H&B version)

Deductions and Credits

Then scroll way down to Estimates and Other Taxes Paid

Other Income Taxes - Click the Start or Update button

Next page second section Payments with Extension

Either Visit All or Click Start or Update by the extension you paid

AmeliesUncle

Rather than starting your entire tax return as blank, you may just want to delete the Schedule C business from it.

Then just enter your W-2 and the K-1. The corporate tax return should have already included all valid business deductions (so the K-1 already has all of that factored in). That means in most cases you don't enter any additional expenses on your personal tax return.