Can I file my business taxes (S-Corp) using Turbotax Business?

[lizzette-jimenez]

My husband and I started a new business in October 2014, established the company as an S-Corp. Can we use TurboTax Business to file our taxes?  I have an accountant but since we just started and really only have a few thousand in expenses I was hoping we could do this ourselves as there is no income for 2014 and minimal expenses. I was advised by someone else that I could not do this in TurboTax business because we were an S Corp as of October 27, 2014; however, when I look at the description for Turbotax business, S-Corp is listed so want to make sure this is correct and that I can file the business taxes using Turbotax Business. S

[pdee]

Do you have to file a business income tax for S corp and claim income/loss on your personal taxes with a K1?

[bwa]

Yes - that's the way S-Corporations work.

[davbrant]

my s corporation was established in 2017 but I did not use turbotax business in 2017 can I use it in 2018

[davbrant]

what if I got a S corporation acceptance in 2017 but used home and business turbo tax to file my 2017 taxes  can I use the turbo tax business to file 2018 taxes

[davbrant]

if I use turbo tax business for my s corporation how do I file personal income tax

[bwa · Accepted solution]

Can we use TurboTax Business to file our taxes?

Yes, you can. To prepare a corporate, trust or partnership return you would need Turbotax Business.  This is a separate program from Turbotax Home and Business.  TT Business is a program only available for desktop use (there is no on-line version.)  See http://turbotax.intuit.com/small-business-taxes/

Turbotax Business will prepare

     Form 1120-S for S-Corporations
     Form 1120 for C-Corporations
     Form 1041 for Estate or Trusts, and
     Form 1065 for Partnerships

To prepare a personal return, depending on it's complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc.   If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version.

[BKA0]

I have a similar situation...I started a S-corp in oct 2014 but the corp had zero income. Can I just use a K-1 form and 1120 forms from IRS website, fill it with zero entries and send it to IRS?
On my regular income, I have been using TTAX for past 15years...so, I feel comfortable using Premier to do that. As part of my regular income, I got couple of W-2s as well as 1099 for consulting works. I would like to deduct my expenses on leasing a car, health care cobra expenses...is Premier good or should I get Home/Business TTAX?

[palaceproperties]

How can we ask TT Business to offer an online version versus just a desktop version?

[bwa]

That issue has come up before and Turbotax indicates they have no plans to develop and on-line version of the program.

(And - having prepared corporate returns, I wouldn't want to use an on-line program that doesn't have forms view like other on-line versions don't.)

[palaceproperties]

do you know of any online program that offers corporate returns?

[dsha06]

Why is TT Business only available for Windows? What's up with that? Do you have a Mac version I don't know about?

[seedsmgmt]

Do I have to purchase TurboTax Business every year? We used it last year to file. $159.99* ??

[bwa]

Can I just use a K-1 form and 1120 forms from IRS website, fill it with zero entries and send it to IRS?

You can do that but make sure you download a Form 1120-S for an S-Corporation.  An 1120 is for a regular corporation.

is Premier good or should I get Home/Business TTAX?

Because of the consulting business you would need Home and Business.  Premier will not create business schedules.

[sobjax]

Agreed, all other versions are available for both platforms.  I'd like to know about Mac as well.