698122
You'll need to sign in or create an account to connect with an expert.
The S corporation has to file its own tax return, separate from your personal tax return. The tax return for an S corp is Form 1120S. You cannot prepare the Form 1120S tax return for the S corp with TurboTax Online, TurboTax Self-Employed, or TurboTax Home & Business. To prepare the Form 1120S tax return for the S corp, you have to use TurboTax Business, which is different from Home & Business. TurboTax Business is not available as an online service. It's available only as software that you install on your own Windows computer from a CD or a download. You can find more information about TurboTax Business, and purchase it, at the following link.
https://turbotax.intuit.com/small-business-taxes/
Part of the S corp tax return is a Schedule K-1 for each owner or shareholder. You enter the information from your Schedule K-1 into your personal tax return. VolvoGirl gave you the steps to do that in her comment above.
Schedule E is not used for an S corp. That's why you did not see any questions related to an S corp when you started to create a Schedule E.
Since this is the first year you have had the S corp, you might find it helpful to meet with a local accountant or tax professional who can help you set up proper accounting for the S corp and give you guidance about how to handle the tax returns.
The S corporation has to file its own tax return, separate from your personal tax return. The tax return for an S corp is Form 1120S. You cannot prepare the Form 1120S tax return for the S corp with TurboTax Online, TurboTax Self-Employed, or TurboTax Home & Business. To prepare the Form 1120S tax return for the S corp, you have to use TurboTax Business, which is different from Home & Business. TurboTax Business is not available as an online service. It's available only as software that you install on your own Windows computer from a CD or a download. You can find more information about TurboTax Business, and purchase it, at the following link.
https://turbotax.intuit.com/small-business-taxes/
Part of the S corp tax return is a Schedule K-1 for each owner or shareholder. You enter the information from your Schedule K-1 into your personal tax return. VolvoGirl gave you the steps to do that in her comment above.
Schedule E is not used for an S corp. That's why you did not see any questions related to an S corp when you started to create a Schedule E.
Since this is the first year you have had the S corp, you might find it helpful to meet with a local accountant or tax professional who can help you set up proper accounting for the S corp and give you guidance about how to handle the tax returns.
The TurboTax online edition of Self-Employed is the same program as the desktop Home and Business edition, just a different name. You can use the Self-Employed edition to report the rental property income and expenses on Schedule E.
Enter rentals in the Search box located in the upper right of the program screen. Click on Jump to rentals
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
nalee5
New Member
tomgusa2
New Member
business mileage for rental real
New Member
bowwow
Level 2
jfreylee
New Member