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nvsmythe
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How do I file a 1120S with TurboTax Home and Business?

The "Business" end of Home and Business only lets me create W2's and 1099's.
I was able to file an 1120S last year, I thought with the same software.
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4 Replies

How do I file a 1120S with TurboTax Home and Business?

In order to file non-individual/business forms (1120C, 1120S, 1065, etc.) you would need TurboTax Business, not TurboTax Home and Business.

You would need separate software, one for your individual return, one for your business return.

Download link (business): TurboTax Business

Download link (individual): TurboTax Desktop Download Page

How do I file a 1120S with TurboTax Home and Business?

I've filed my personal and sole proprietorship business taxes with TurboTax H&B for years. I converted the sole proprietorship to an LLC w/S Corp status starting 1/1/2020. My accountant is preparing the 1120-S for the S-corp. For this year, how do I indicate the sole proprietorship ended and enter the 1120-S in TurboTax H&B.

How do I file a 1120S with TurboTax Home and Business?

Depends on when the Sole Prop closed ... was it 12/31/19?  If so you would have indicated the business closed on the 2019 return and it will not be mentioned at all on the 2020 return.

 

And you will get a K-1 to enter along with the W-2 from the corp since you should have been paying yourself wages and filing payroll tax returns timely.  Ask the accountant if you don't know if you did or not.  Then you will only enter those forms on the personal return which means if you use the downloaded program  you only need the Deluxe version (Basic if you don't need a state return).  If you use the online version you will need to use Premier.  

How do I file a 1120S with TurboTax Home and Business?

I filed two software in 2021 and my state took my money twice. Be careful.

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