Solved: form 1120S
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Level 1

form 1120S

My balance sheet does not balance.  How do I balance it.

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Level 15

form 1120S

5 Replies
Level 15

form 1120S

New Member

form 1120S

I want to start filling in form 1120S

Level 15

form 1120S

@jgwilliamssnowbird   Do you need to prepare a 1120S Business return or did you get a K-1 from it?


You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.


You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.


Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.


Employee Tax Expert

form 1120S

Do you have TurboTax Business software? This is required to file the 1120S. This is not the same as TurboTax Home & Business which is for individual (1040) returns.


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Level 15

form 1120S

@jgwilliamssnowbird wrote:

I want to start filling in form 1120S

If this is the first year filing for an S corporation or you are not familiar with income tax returns for entities, you should consider professional tax guidance or even having the return professionally prepared.

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