The TurboTax online or desktop personal editions do not support IRS Form 1120, U.S. Corporation Income Tax Return.
To complete and file a Form 1120 you will need to purchase the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online. The Business Edition cannot complete a personal tax return, Form 1040.
Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/
1. Can you e-file the 1120S with Turbotax Business ?
2. Can you pay quarterly estimated taxes in Turbotax Business ?
1. Yes, you can e-file Form 1120S using TurboTax Busines program.
2. You cannot pay quarterly estimated taxes for an S-corp in TurboTax Business. An S Corp is a pass-through entity. The owner(s)/shareholder(s) are liable to pay income tax on pass-through income reported to shareholders on Schedule K-1. Estimated taxes for some other forms of entities are supported. Generally, an S corporation must make installment payments of estimated tax for the following taxes if the total of these taxes is $500 or more: Tax on built-in gains, Excess net passive-income tax, investment credit recapture tax.
Here is a list of forms supported by TurboTax Business.
@chervined
Thank you !
To clarify, my understanding is that an S-Corp needs to do quarterly tax payments based on estimates.
If true, can this payment be made through Quickbooks Self Employed then?
Or should it be done through the IRS EFTPS payment method?
Also, in my case, I'm a single member and owner of this S-Corp.
Yes, you can pay estimated taxes through QuickBooks: Pay federal estimated quarterly taxes in QuickBooks Self-Employed.