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If you have an S corporation, you need to file a Form 1120-S for that corporation.
See https://www.irs.gov/instructions/i1120s#idm139641016872208
TurboTax Home & Business cannot be used to file an 1120-S. The TurboTax product that can be used to prepare and file an 1120-S is TurboTax Business (link below).
https://turbotax.intuit.com/small-business-taxes/
Since you are not familiar with pass-through taxation for entities, you might want to consider seeking guidance from a tax professional.
If you have an S corporation, you need to file a Form 1120-S for that corporation.
See https://www.irs.gov/instructions/i1120s#idm139641016872208
TurboTax Home & Business cannot be used to file an 1120-S. The TurboTax product that can be used to prepare and file an 1120-S is TurboTax Business (link below).
https://turbotax.intuit.com/small-business-taxes/
Since you are not familiar with pass-through taxation for entities, you might want to consider seeking guidance from a tax professional.
Thanks for the reply! So s-corp strictly for TT business. Last year I did filed TT home/business. Which didnt reject my return.
1.Would I get penalized if I file using TT business this year?
2. Do I file my personal returnon the free TT version?
If you got an EIN for an S-corp and fail to file the S-corp return then expect an IRS letter asking for the corp return to be filed. You need to file the correct form for the correct business ... I highly recommend you seek local professional assistance to clean up this mess and get educated on what you need to do going forward.
If you have an S-corp, TurboTax Business is the only TurboTax product that will handle your Form 1120-S. You won't be penalized for filing the correct form this year, but they are going to wonder where your 2019 Form 1120-S if you did not file it. When you complete the Form 1120-S on TurboTax Business it will generate K-1s for all of the shareholders and those K-1 get reported on the shareholders' personal tax returns. You can't use the Free Edition if you need to enter a K-1, so you will need to use TurboTax Premier or Home and Business (or Self-Employed if using online) to complete your personal taxes.
Your tax return was not rejected because you entered your business information as a sole proprietorship; TurboTax Home and Business won't allow the entry of an S-corp other than through the K-1 entry. Are you sure your business is registered as an S-corp? Surprising you have not received a notice about missing tax returns.....
Thank for reply! I will take advise and buy TT Business. Since I used home and business last year, can I just use the free TT version for personel return? don't have any property, just straight payroll stubs. Or must use premier or home/business again.
Thxs!
@wokmon wrote:
...I will take advise and buy TT Business. Since I used home and business last year, can I just use the free TT version for personel return? don't have any property, just straight payroll stubs. Or must use premier or home/business again.
If you are planning to prepare the return for your S corporation (Form 1120-S), then a K-1 will be generated which you will, in turn, need to enter into your individual income tax program.
As a result, you will need to use TurboTax Premier to enter information from a K-1 if you plan on using an online version (you can use any desktop version).
Again, I would strongly suggest that you seek professional guidance with respect to preparing your Form 1120-S.
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