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I've filed personal w/Schedule C many years. I reached income last year where it made more sense to S corp/independent contractor- how do I file BOTH personal and S corp?

I've always just done a personal income tax filing with a schedule C attached. I ASSUME I don't do schedule C for personal now that I have an S corp and tax ID, so I'm just wondering how do I do BOTH here in TurboTax? It saves all my info from last year but that was personal w/schedule C. I need to do just a basic personal now, and then those expenses now go under my S corp, no? I'm just wondering which TurboTax plans to buy to do both.
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2 Replies
DawnC
Employee Tax Expert

I've filed personal w/Schedule C many years. I reached income last year where it made more sense to S corp/independent contractor- how do I file BOTH personal and S corp?

You need TurboTax Business to file an S-corp tax return.   When you prepare the Form 1120-S, it will generate Form K-1 for you to enter on your personal tax return.   You won't have a Schedule C, you will now have a Schedule E.    Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).   

 

You need both programs (TurboTax Business and an individual product that has Sched E).   You can no longer use one program for personal and business; you need two different programs..

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I've filed personal w/Schedule C many years. I reached income last year where it made more sense to S corp/independent contractor- how do I file BOTH personal and S corp?

Additionally, you might want to read through the IRS fact sheet at the link below, @theycallmescotty, since it relates to how you are required to compensate yourself as a corporate officer/employee.

 

https://www.irs.gov/pub/irs-news/fs-08-25.pdf

 

 

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