Business Info Setup (S-Corp)

[Melinda2538]

I am having a slight panic attack.  I realized after talking with a friend that when I went through the steps in TurboTax for my business information, it NEVER ASKED ME if my business was an S-Corp and everything is filed under a Sole Proprietorship Schedule C (which my business is NOT). 

I went through the steps again to set up a new business and realized again it is not asking me this information - which has me freaking out that I need to go pay an actual accountant to fix my filed return.  Does anyone know if TurboTax desktop edition actually supports S-Corps?  

[VolvoGirl · Accepted solution]

Yes there is a Desktop program.  You need the Turbo Tax Business Desktop program.  It  is a separate program from Home & Business.  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 version here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

Here are the system requirements to install Turbo Tax for Windows…..

https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

You will need to amend your personal 1040 to remove Schedule C and to add the K-1 you will get from the Business return.  So wait to amend until the Business return is done.

[Melinda2538]

Thank you - I did not realize the "Home and Business" is not all-encompassing.  

[VolvoGirl]

Home & Business is for personal tax returns that need extra help for self employment on Schedule C.