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Level 1
posted Apr 15, 2021 4:07:18 PM

How do I file taxes with TurboTax for a Single Member LLC taxed as an S-Corp?

I have completed the tax preparation for my single-member LLC in Turbo Tax Business and am ready to file, but I want to make sure I understand the process. Should I file for the S-Corp first (using form 1120-S), then generate a K-1 for the single member, then use Turbo Tax Home & Business to file personal, using info from the K-1? This is my first year filing as an S-Corp and I want to make sure I understand the process.

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1 Best answer
Expert Alumni
Apr 15, 2021 6:33:20 PM

Yes you prepare the 1120S first.  You may be able to use TurboTax Premiere to file with your K-1- it depends on what else you have to report.  Start with Premiere and you will be prompted if you need to upgrade.

1 Replies
Expert Alumni
Apr 15, 2021 6:33:20 PM

Yes you prepare the 1120S first.  You may be able to use TurboTax Premiere to file with your K-1- it depends on what else you have to report.  Start with Premiere and you will be prompted if you need to upgrade.