Single Member S Corp Filing Personal Taxes - TurboTax Premier Thinks I'm A Sole Proprietor

Forum|Forum|5 years ago
April 2, 2021
2 replies
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I have a single member S Corp that didn't receive any income for the 2020 tax year; I only had expenses. I filed my S Corp Business taxes using TurboTax Business. Now I'm trying to file my personal tax return using TurboTax Premier 2020. After going through the business section in TurboTax Premier and adding my deductions from the aforementioned expenses, TurboTax lists me as Sole Proprietor Business under income. How do I change this since I am a S Corp?

Best answer by Anonymous_

@fletch676 wrote:

After going through the business section in TurboTax Premier and adding my deductions from the aforementioned expenses, TurboTax lists me as Sole Proprietor Business under income. How do I change this since I am a S Corp?

Do not go through the business section of the program to report income and deductions from your S corporation.

In the process of preparing your 1120-S with TurboTax Business, the program should have generated a K-1. Enter the information from that K-1 into TurboTax.

Anonymous_Answer

Level 15

@fletch676 wrote:

After going through the business section in TurboTax Premier and adding my deductions from the aforementioned expenses, TurboTax lists me as Sole Proprietor Business under income. How do I change this since I am a S Corp?

Do not go through the business section of the program to report income and deductions from your S corporation.

In the process of preparing your 1120-S with TurboTax Business, the program should have generated a K-1. Enter the information from that K-1 into TurboTax.

fletch676Author

Level 2

Thank you for the quick reply. Apparently, I missed TurboTax Premiere asking me for info from my Schedule C and not the K1 which is the next section. Thanks again.