How do I add an s corp to my filing?

[Lisa995]

You need to file the SCorp tax return?  or you want to enter the W2 and K-1 on your personal tax return that the Scorp issued to you?

[ryan9774]

Yes the s corp tax return

[LinaJ2018 · Accepted solution]

From TurboTax Deluxe online edition, you cannot add a S-corporation tax return.  To file a business tax return including a S-corporation, you would need to purchase TurboTax Business to complete your filing.  

TurboTax Business is a separate TurboTax product line for customers to file S Corp, C Corp, partnerships, estates, trusts and multi-member LLC. It is not part of the TurboTax personal taxes editions ( Free edition/ Basic, Deluxe, Premier and Home & Business)

Please see attached link for information. 

https://turbotax.intuit.com/small-business-taxes/

[anarchistkitchen]

mine turbotax home and business has the option of an s corporation

can i do that on the s corporation?

[VolvoGirl]

@anarchistkitchen   Not sure what your question is.  You can not prepare a S Corp return in the Home & Business program or any personal version.  You can only enter a Schedule K-1 you get from the S Corp return.

To do a S Corp Business return you need Turbo Tax Business.

The small business program (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.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's 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.

https://turbotax.intuit.com/small-business-taxes

[anarchistkitchen]

when i started with the software I have an option for business, I am confused now, isn't my scorp a business?

what if I buy the scorp software? can I make an amend to my already filled tax return for 2019? now could I include the scorp information? how long do I have to make an amend?

Thanks

[VolvoGirl]

You already filed 2019?  Did you enter your S corp as a schedule C?  Yes an S corp is a Business but not a disregarded personal business.

Home & Business Desktop program or the Online Self Employed version is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

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

[anarchistkitchen]

Yes I already filled 2019 and sent, I did this before buying turbo tax, I did it with another software

My scorp didnt make any money 2019, we do not have people working for the company, only me and the other person who we build the s corp.

Until when do I have to file for the s corp?

do I still have to fill even if we did not make any money and did not pay anyone?

Thank you 🙂

[VolvoGirl]

When did you set up the S Corp?  Did you ever file the S Corp return?  You really need to go to an accountant and get it set up right and filed.  I don't know about S corps but if you have a partner you might be a Partnership.  I think you have to file every year no matter what.  So you might be very late and owe fines and penalties.

[anarchistkitchen]

I set it up 2019 August and we worked only 2 months. Then covid.

I have a partner 50 50 both of us.