How do I file 1120S

[bcjones5675]

what do I buy to file business 1120s and personal and business taxes

[MargaretL · Accepted solution]

Corporate returns, such as Forms 1120-S, 1120, 1065, 1041 are offered through Business Tax package:

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

Once the 1120-S form is prepared, it will generate Schedule K-1, which reports your share of profit/loss and expenses from the S-Corp.  That schedule needs to be reported on your personal tax return (such as Premier or Home & Business online).  

[Dmachkhidze]

Hello, 

Do I file Schedule K-1, statement A, 199A statement A summary, 199A worksheet by activity, section 179 carryover, other deductions with the 1120S?

Do I file Schedule K-1 with my 1040form?

Do I file Schedule k-1-P with my personal state income tax? 

Thank you!

[ErnieS0]

Yes. Those forms are part of Form 1120S. They are filed with the return and a copy of Schedule K-1 and Schedule K-1-P is also given to each shareholder.

Form 1120S in a subchapter S corporate tax return. An S Corp is a special type of corporation. It generally pays no tax itself. Instead, each shareholders claims a portion of the income, deductions and credits on their tax returns. The amount to claim is reported on Schedule K-1. The Illinois amount is on Schedule K-1-P.