My balance sheet does not balance. How do I balance it.
You'll need to sign in or create an account to connect with an expert.
The link below is to the Proconnect web site but may have some utility for you.
The link below is to the Proconnect web site but may have some utility for you.
I want to start filling in form 1120S
@jgwilliamssnowbird Do you need to prepare a 1120S Business return or did you get a K-1 from it?
You 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.
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 (Win 7 or newer) 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
Do you have TurboTax Business software? This is required to file the 1120S. This is not the same as TurboTax Home & Business which is for individual (1040) returns.
Does that answer your question?
@jgwilliamssnowbird wrote:
I want to start filling in form 1120S
If this is the first year filing for an S corporation or you are not familiar with income tax returns for entities, you should consider professional tax guidance or even having the return professionally prepared.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Asianhops
New Member
jd2004
Level 1
themarianiteam-g
New Member
andrew5912
Returning Member
LonzoTaxes2022
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.