Wrong Tax Forms

[ajh1935]

Evidently been filing wrong TurboTax forms for three years. Who can tell me what forms to file. TT keeps telling me to file the  Home and Business forms. Now, from a tax wizard I am finding that I did not need to files those forms. I spend an extra $50 a year for nothing. Situation: I have an "S Corp" and no other business interests. I am now being told that with the filing of the State and Federal "S Corp" filing the generated K-1 is all I need for the standard tax filing. Wasted my time and money based on information from TT support. Is it true that I do not need Home & Business if I am filing corporate paperwork that generates a K-1 for standard tax forms???

[SweetieJean · Accepted solution]

You need TT Business (not Home and Business) to prepare the S Corp tax return. The K-1 then goes into your personal return, for which you need a personal tax program. such as Home and Business.

If you haven't filed an 1120-S for the post three years, you are seriously out of compliance.  You should also have been paying yourself a reasonable W-2 wage those years.  Please see a local professional to get this all straightened out.

https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations

https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-compensation-and-medical...

[Critter]

Hopefully you have not entered the S-corp info on the personal tax return as a Sch C  in addition to the K-1 entry ... if you have then you will need to amend those returns for the duplicated income. 

To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc.   If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Self Employed version when using the online program.  

All the 2017 downloaded programs will handle the personal return.

View this product guide chart to see which product is best for you:
https://turbotax.intuit.com/lp/ty14/desktop/lp1.jsp#irs-forms