If I own A small S Corp. business that didn’t do well this year, but I also work full-time and receive a W-2. Can TurboTax help me with this? Thank you.

[nancyscofield128]

I receive a W-2 from full employment however, I also have a very small S Corp. business.

[SabrinaD2]

Yes, Turbo can help you report both your W-2 income from your fulltime job and your small-S-Corp business income/loss

Here's how:

First, enter your W2 using the following steps:

1. Open or continue your return. Be sure you are signed in for link in step 2 to work.
2. Go to W-2.
3. Select Work on my W-2 and Continue.
   • If you've already entered a W-2 or need to add another one, select Add a W-2.
4. Enter your Employer Identification Number (EIN) from Box b on your W-2.
   • If your W-2 can be imported, you'll come to the Great news! We can automatically import your W-2 info screen. Answer the questions to complete your import.
   • If TurboTax doesn't recognize your EIN you can use the TurboTax mobile app to snap a photo of your W-2, upload it from your computer, or fill it in yourself.

Next Report S-Corp Income/Loss  from your K-1:

1. Open or continue your return.
2. Go to K-1.
3. On the Schedules K-1 or Q page, select Yes.
4. On the Did you receive any Schedules K-1? page, select Yes.
5. Select Start next to the type of Schedule K-1 form you have (1120s for and S-Corp), and enter your information.

[VolvoGirl · Accepted solution]

For a S corp you need to file a separate Business return.   You will get a K-1 and/or a W2 from the S Corp to enter into your personal retun.  So you do the Business return first.

You will need Turbo Tax Business for Windows.   It is not available to do online or on a Mac.  And it will not do your personal 1040 return.  You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's Business program here…..

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