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cbmartin1224
New Member

I own a S-Corp business and I filed separate business and personal taxes last year. Am I doing the same thing now?

 
2 Replies
ChristinaS
New Member

I own a S-Corp business and I filed separate business and personal taxes last year. Am I doing the same thing now?

When you say "Am I doing the same thing now?", I do want to be clear that we cannot see what you are doing. However, if you are entering the corporation's income and expenses in Turbo Tax Self-Employed Online... no, you are not doing it correctly. You need Turbo Tax Business, which is a download for Windows.
ChristinaS
New Member

I own a S-Corp business and I filed separate business and personal taxes last year. Am I doing the same thing now?

Yes- The SCorp return is separate from your personal return.

Use Turbo Tax Business for the business return.

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

Your personal return includes the input of a K1 that you generate after preparing the 1120S return. You do not itemize all the income and expenses of the corporation on your personal return- you only enter the K1 (and W2).

Enter your K1 on your personal return here:

  • Federal Taxes
  • Wages and Income
  • Other Business Situations
  • Schedules K-1, Q
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