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We have income from two private companies + we bought a Bed & Breakfast that generated income in 2016, set up as an S-corp. Do we need to file as self employed or Home&B?

Forum|Forum|7 years ago
June 3, 2019
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I bought home & business, thinking I could use that, but I don't see "s-corp" listed as an option in the drop-down list of business structures. It keeps routing me through "partnership," and that's not correct. Do I need to get the "self employed" version to cover the business, even if my husband and I both have other full-time jobs unrelated to the B&B?

TurboTax Home & Biz Windows

Best answer by RichardG

First, you need to prepare the S corporation's tax return using TurboTax Business. That's a separate desktop program for Windows. The deadline for that return was March 15, so I encourage you to file that return soon.

That return will produce Form K-1 for each owner of the corporation. You'll then use that form to prepare your personal tax return in TurboTax. The K-1 gets reported under the Business Investment and Estate/Trust Income heading.

R

RichardGAnswer

Employee

First, you need to prepare the S corporation's tax return using TurboTax Business. That's a separate desktop program for Windows. The deadline for that return was March 15, so I encourage you to file that return soon.

That return will produce Form K-1 for each owner of the corporation. You'll then use that form to prepare your personal tax return in TurboTax. The K-1 gets reported under the Business Investment and Estate/Trust Income heading.