Business owner vs Shareholder

[Chris-B]

My wife and I together own 100% of an S Corp.  Last year we were still going through S Corp election when we did our taxes so we took a Schedule C.  We're receiving K-1s this year.  For our personal Married Filing Jointly taxes using Turbotax Home & Business, do we answer "Yes" to operating the same business that we had last year?  Or should we act as if it's a new business activity since it's a different schedule?  Thank you in advance for the help!

[tagteam · Accepted solution]

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@Chris-B wrote:

....For our personal Married Filing Jointly taxes using Turbotax Home & Business, do we answer "Yes" to operating the same business that we had last year? 

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No, because the program will presume you need to prepare Schedule C again for the 2020 tax year.

Rather, simply enter the information from your K-1s into the program this year.

[Chris-B]

Too simple, thank you!