Solved: I am a small business owner that started a S-Corp LLC in 11/2016. Should I start a new turbo tax account solely for my business or can I just add this to my old account?
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I am a small business owner that started a S-Corp LLC in 11/2016. Should I start a new turbo tax account solely for my business or can I just add this to my old account?

I made no revenue in 2016 because the business is new.
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Level 15

I am a small business owner that started a S-Corp LLC in 11/2016. Should I start a new turbo tax account solely for my business or can I just add this to my old account?

You'll be filing an 1120-S tax return for the S-Corp. You can't do that online, or with a MAC. You have to purchase TurboTax Business (different from Home & Business) and physically install it on a windows computer. Then use that program to file your corporate tax return. Get TurboTax Business at https://turbotax.intuit.com/small-business-taxes/

Note that you can not even start your personal return until you have completed the 1120-S business return. This is because the business will be issuing all owners/shareholders in the S-Corp appropriate tax reporting documents they will need to report their gains/losses on their personal tax return.

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2 Replies
Level 15

I am a small business owner that started a S-Corp LLC in 11/2016. Should I start a new turbo tax account solely for my business or can I just add this to my old account?

You'll be filing an 1120-S tax return for the S-Corp. You can't do that online, or with a MAC. You have to purchase TurboTax Business (different from Home & Business) and physically install it on a windows computer. Then use that program to file your corporate tax return. Get TurboTax Business at https://turbotax.intuit.com/small-business-taxes/

Note that you can not even start your personal return until you have completed the 1120-S business return. This is because the business will be issuing all owners/shareholders in the S-Corp appropriate tax reporting documents they will need to report their gains/losses on their personal tax return.

View solution in original post

New Member

I am a small business owner that started a S-Corp LLC in 11/2016. Should I start a new turbo tax account solely for my business or can I just add this to my old account?

Thank you for the information! I read this on another website, but just wanted to make sure. Take care!
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