Does Turbotax home and business sold in Costco cover federal form 1120s and massachusetts form 355s for s-corp?

[yduane]

Does it cover both personal and business as two separate returns? Or I have to buy business and premier separately? If so, does business one comes with one state return like Mass form 355s?

[DoninGA · Accepted solution]

You will have to purchase the TurboTax Business Edition separately to complete a S-Corp tax return.

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.

The Business Edition cannot be used to complete a personal tax return, Form 1040.

[MonikaK1]

TurboTax Home and Business will prepare Schedule C for self-employed and Schedule E for rentals, which are included in your personal return Form 1040. It does not prepare business entity returns (partnership and corporation), as mentioned by DoninGA above.

Please see this webpage for more information about TurboTax Home and Business.

@yduane 

[yduane · Accepted solution]

I see. Thank you for the clarification! 

[yduane]

Thank you for your answer.  Does it come with state part or I have to buy it as in-product add-on? 

[DoninGA · Accepted solution]

@yduane The state program used in the Business Edition is additional with a current price of $50.  You can purchase and download the state program that you need after the Business Edition has been installed.

[yduane]

I saw in another thread that someone posted that premier version is required for my personal return to handle pass-through from s-corp for both federal and state , correct? 

[DoninGA · Accepted solution]

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@yduane wrote:

I saw in another thread that someone posted that premier version is required for my personal return to handle pass-through from s-corp for both federal and state , correct? 

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If you are referring to a Schedule K-1 received from the corporation, any of the TurboTax desktop editions can be used as they all support entry of a Schedule K-1.