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How do i fiile personal tax with my s corp

 
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3 Replies

How do i fiile personal tax with my s corp

If you need to prepare an income tax return for your S corporation (1120-S), you need TurboTax Business (link below) which must be installed and run in a Windows environment; there is no online nor Mac version. However, you would be wise to seek professional guidance and tax preparation if you have no experience with S corporation taxation.

 

https://turbotax.intuit.com/small-business-taxes/

 

If you need to enter a K-1 issued by an S corporation, then you need to use TurboTax Premier or Self-Employed if you would like to use an online product. Otherwise, you can use any desktop version of TurboTax.

rjs
Level 15
Level 15

How do i fiile personal tax with my s corp

The S corp has to file its own tax return on Form 1120S. The S corp's Form 1120S tax return is completely separate from your personal Form 1040 tax return. Part of the S corp tax return is a Schedule K-1 for each owner. You enter the information from your Schedule K-1 on your personal Form 1040 tax return.


TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1120S S corp return, so you need two separate TurboTax products.


I agree with tagteam that you should seek professional help to properly set up the accounting for your S corp and to learn how to handle the tax filing.

Anonymous
Not applicable

How do i fiile personal tax with my s corp

if your s-corp is for calendar year 2018, it's late and there are penalties for late filing.  get pro help which may be able to get the penalty waived.     online preparation and e filing for 2018 is closed.  you'll have to buy  a desktop version of the software.  if you do your own personal return, it will have to be mailed. use a service where you can track or get proof of delivery.  

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