Sole owner S Corp

Forum|Forum|1 year ago
March 11, 2025
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Im a sole owner registered as an S corp with no shareholders how do I file my taxes? And can I file separately from my personal taxes?

SharonD007

Yes, you file a separate tax return for your S-Corp (Form 1120-S). Your profits or losses from your S-Corp are reported on a Schedule K-1 which you will report on your personal tax return. ‌ Schedule K-1 is generated when you prepare your 1120-S tax return.

You will use TurboTax Business to file your S-Corp (Form 1120-S) tax return. Use this link TURBOTAX DESKTOP BUSINESS 2024 to purchase and download the software. You will have to prepare your personal tax return in TurboTax Online or TurboTax DeskTop.

Refer to the TurboTax articles What is Form 1120-S? A Guide to the US Income Tax Return for S Corporations and What is a Schedule K-1 Tax Form? for more information.

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Reece11Author

Oh….What can I do if I already filed my personal taxes without the Schedule K-1?

SharonD007

Once your tax return is fully processed, which means you have received your refund or if you have a balance due, it's deducted from your account. If your tax return is pending, don't make any changes. When you do your amendment to add your Schedule K-1, TurboTax will calculate your new refund or balance due based the Schedule K-1.

For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return

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