1. Can income/loss from s-type corp. and Schedule E be included? 2. Can I print and mail return once I pay?

[waftax]

Can I print and mail return once I pay?

[JulieCo · Accepted solution]

An SCorp is required to file a separate tax return for the business entity (Form 1120S).  Therefore, the SCorp business income and expense activity would not be included on your personal tax return.  If your Schedule E activity is related to the SCorp, then it would also be included in the SCorp return. 

Once the 1120S form is prepared, a K-1 form is generated for each of the SCorp shareholders to use to report the income and any deductions on their personal income tax returns.

To prepare a S Corp tax return (Form 1120S), you would need to use TurboTax Business. 

The TurboTax Business software is a CD/Download version only available for windows.  The software would need to be paid for up front before downloading and, once the 1120S return is prepared, you will be able to print it and mail it.