Version of turbo tax confused

Forum|Forum|2 years ago
December 21, 2023
2 replies
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Hello,

I'm confused from all the information I found. But nothing really tells me if I have to get 2 different versions.

I have an S Corp. So I would need to get turbo tax business. But it says I will need to file my personal tax as well.

So before I would get home and business version and file my personal taxes and income from my freelance jobs. I was able to do both with the home and business.

Now I formed an S Corp I'll need to get the business version.

Does this version allow me to file my personal taxes and my income from my free lance jobs cause I form the s corp half way through the year? Or I will need to purchase both home and business and the business for S Corp?

Thank you

TurboTax Business Windows

Best answer by rjs

You have to prepare the Form 1120-S tax return for the S corp first, using TurboTax Business. (And the filing deadline for an S corp return is March 15, not April 15. The penalty for filing late is steep.) The S corp return will include a Schedule K-1 for each shareholder. As a shareholder, you have to enter the Schedule K-1 in your personal Form 1040 tax return along with any other personal income that you have, including any freelance income that is not from the S corp.

You cannot prepare your personal Form 1040 tax return with TurboTax Business, and you cannot prepare the Form 1120-S S corp tax return with TurboTax Home & Business.

ee-ea

Employee

You will need to purchase both "Home and Business" for your 1040 and the "Business: for the 1120S .

rjsAnswer

Employee

You cannot prepare your personal Form 1040 tax return with TurboTax Business, and you cannot prepare the Form 1120-S S corp tax return with TurboTax Home & Business.