I'm a part owner/shareholder of a company, How should I file my 2015 Income taxes?

[wlf2353]

I only own 1/2 of 1/3 of the corporation. and was wondering which turbo tax program to use and how this will effect my taxes this year and how I should file using the turbo tax program?

[Critter1]

You use both the term owner & shareholder .... what kind of company?  Is it a Partnership (form 1065), an S-corp (form 1120S) or a C-corp (form 1120) ?

[rjs]

Are you asking how to file your own personal tax return, or how to file the tax return for the company? If the company is a corporation, a partnership, or a multi-member LLC it has to file its own tax return, separate from your personal tax return.

[VolvoGirl]

If you get a schedule K-1 from the corporation you enter the K-1 into your tax return.  If you are using the Online version you will need Premier or higher to enter a k-1.   If you buy the software program you can enter a K-1 into any version.

[wlf2353]

I'm sorry, I own part shares of a C-Corp and the company files for the business but I was asking about my personal taxes.  what do I need to do with my personal taxes and do I need additional forms for filing? what turbo tax program should I use? can I still use the basicor the second level for itemizing?

[Opus 17]

As a C-corp owner you will receive a 1099-DIV for your corporate dividend income.  If using Turbotax online, you will need the Premier version.  If using the Desktop program (downloaded or installed from a CD) and if you also want to itemize your deductions, you will need Deluxe or higher.

[Critter1]

If you work for the company you should also get a W-2.

[rjs]

TurboTax Online Deluxe will handle a 1099-DIV and itemized deductions. You don't need Premier unless you have capital gains or losses (Schedule D), or rental income (Schedule E), or a Schedule K-1.