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I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

I initially used self-employed but it won't capture the 1120s and the system won't allow the change to premier
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7 Replies

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

You need TurboTax Business if you have to prepare an 1120-S for an S corporation (and associated K-1(s)).

 

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

 

TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version.

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

To complete and file a Form 1120S you will need the TurboTax Business Edition.

The Business Edition can only installed on a Windows based personal computer, not online or on a Mac

 

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

I already filed my 1120S last March.  Now I need the turbotax version that will incorporate the profit/loss into my personal taxes.  The self employed version doesn't do that.  I recognize that I'm not technically self-employed so I started it by mistake now it won't let me change to Premier (which I think incorporates the 1120S).

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

Premier will work for the purposes of entering a K-1, but you will obviously have to downgrade.

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

The system is being extremely stubborn and won't let me downgrade.  I can't even start over.  Any recommendations of how to start over?

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?


@slorentzen wrote:

The system is being extremely stubborn and won't let me downgrade.  I can't even start over.  Any recommendations of how to start over?


If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition. Click on Tax Tools on the left side of the program screen while working on the 2021 online tax return. Click on Clear & Start Over.

I have a S-Corporation. What Turbotax version should I use that accounts for the 1120s?

You can enter a K-1 into the Self Employed version.  It has everything Premier has.  If it doesn't let you clear and you haven't paid and filed you could just start a new account.  Online is only good for 1 return per account.  But you can use the same email address for 5 accounts.   How to start another return in the Online version

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-onli...

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

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