You will need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.
Home & Business (or Self Employed) is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.
You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
You will need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.
Home & Business (or Self Employed) is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.
You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
Okay, thank you for that information! So, we would only need to File the 1120S Corp and 1040 return (joint return) and exclude the Schedule C since that is focused on only Self-employed or sole proprietors?
What if I was a sole proprietor at the beginning of the year and have profit from that, would I still put that on my 1040 or would I need to get a separate schedule c for that as well?
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations">https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations</a>
A Schedule C is only for the Sole Proprietorship, and has nothing to do with the corporation.
Because you are required to be an employee of the corporation, the corporation also needs to file (and pay) (1) quarterly employer forms (Form 941), (2) Federal Unemployment, (3) W-2/W-3, (4) State Unemployment, and (5) perhaps other State requirements. TurboTax does not do any of that (it does have an affiliated program for the W-2/W-3).
You also need to know how a corporation works, how to reimburse expenses, etc. I *HIGHLY* recommend going to a tax professional for AT LEAST the first year for the corporation. Go now (before the end of the year) for a consultation, and then again for the actual tax return (and perhaps the payroll forms).