Solved: Can I use TurboTax Self Employed if I am an S Corp?
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bryanjarnold
New Member

Can I use TurboTax Self Employed if I am an S Corp?

 
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Accepted Solutions
Carl
Level 15

Can I use TurboTax Self Employed if I am an S Corp?

No. You have to use TurboTax Business (different from Home & Business) to file an 1120-S tax return for the S-Corp. Using that program, the S-Corp will issue you a K-1, which you will need for your personal tax return. So you can't even start your personal return, until you have completed the 1120-S corporate tax return.

TurboTax Business is not available as an online product, and is not available for MACs. Windows only. You can purchase the CD/Download that you will download and physically install on your windows computer at https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...

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4 Replies
Carl
Level 15

Can I use TurboTax Self Employed if I am an S Corp?

No. You have to use TurboTax Business (different from Home & Business) to file an 1120-S tax return for the S-Corp. Using that program, the S-Corp will issue you a K-1, which you will need for your personal tax return. So you can't even start your personal return, until you have completed the 1120-S corporate tax return.

TurboTax Business is not available as an online product, and is not available for MACs. Windows only. You can purchase the CD/Download that you will download and physically install on your windows computer at https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...

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r_schleufer
New Member

Can I use TurboTax Self Employed if I am an S Corp?

I think this needs more clarity.

 

I have a CPA handle my S-Corp to generate the 1120-S and K-1.

 

Which version of TurboTax is needed for my personal returns? Small Business, since I operate from a home office?

DeanM15
Expert Alumni

Can I use TurboTax Self Employed if I am an S Corp?

If you have a CPA handle the S-Corp return, then you would need Premier to process the 1120-S, K1 and W2.

 

For your home office, you would either have to have the S-corp pay you rent for the home office or pay you for the costs of a home office under an accountable plan for employee business expense reimbursement. You can find more information here.

 

In either case Premier would be fine. 

 

@r_schleufer

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sjlocke
Level 2

Can I use TurboTax Self Employed if I am an S Corp?

You don't need Premiere.  Deluxe works just fine and handles those things.

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