You can certainly use TurboTax Business to prepare and file income tax returns for an S corporation (1120-S) and an estate (1041).
There is a special "Ownership Percentage Worksheet" that can be used to allocate income and expenses based on a "weighted average," per share, per day of shares owned by shareholders. To find the form, click on the "Form" tab and then "Open Form." Then, type "ownership" in the search function and the "Ownership Percentage Worksheet" will appear as an available option. Click on the worksheet. You will be able to input all changes of ownership for each shareholder throughout the year. However, if you want to elect the "closing of the books" method under IRC §1377(a)(2), Turbotax does not appear to be able to accommodate such election without manually completing the shareholder K-1s.
@davidrepp When you go to the Company info section for your S-Corp there is a question there that says "Was there a change in ownership this year?" You answer yes and walk through your issues. It'll cover it.
@davidrepp wrote:
if you want to elect the "closing of the books" method under IRC §1377(a)(2), Turbotax does not appear to be able to accommodate such election without manually completing the shareholder K-1s.
I believe that is correct. The election can be made in Forms Mode.