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Nikooinc1
Returning Member

How do I set up my corporation in turbotax home and business desktop version

We have a S-Corp with we have 50% share and the other 50% belongs to my in-laws. I bought turbotax home and business desktop version. I already set up two individual taxes (one for ourselves and one for my in-laws). I couldn't figure out how to set up the corporation tax return to have 50% for each individual tax return.

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Accepted Solutions
tagteam
Level 15

How do I set up my corporation in turbotax home and business desktop version

The S corporation income tax return is filed on Form 1120-S. TurboTax Home & Business cannot generate Form 1120-S since that program is exclusively for the preparation of individual income tax returns (e.g., Form 1040).

 

TurboTax Business can be used to prepare a Form 1120-S for an S corporation but that involves a separate purchase.

 

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

 

If you are not familiar with pass-through entity taxation or accounting you might want to consult with a local tax professional with respect to the preparation the income tax return for your S corporation.

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2 Replies
tagteam
Level 15

How do I set up my corporation in turbotax home and business desktop version

The S corporation income tax return is filed on Form 1120-S. TurboTax Home & Business cannot generate Form 1120-S since that program is exclusively for the preparation of individual income tax returns (e.g., Form 1040).

 

TurboTax Business can be used to prepare a Form 1120-S for an S corporation but that involves a separate purchase.

 

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

 

If you are not familiar with pass-through entity taxation or accounting you might want to consult with a local tax professional with respect to the preparation the income tax return for your S corporation.

View solution in original post

VolvoGirl
Level 15

How do I set up my corporation in turbotax home and business desktop version

Home & Business (or Self Employed) is for personal returns that include a schedule C for self employment or sole proprietor. 

 

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 8 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.
https://turbotax.intuit.com/small-business-taxes

 

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