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You need to prepare (or someone else needs to prepare) the Form 1120-S for the corporation.
You will then receive a K-1 (1120-S) which you will input into your personal income tax return (1040).
I thought I purchased Turbo Tax for business......Why wouldn't those forms also be done with Turbo Tax?
@ljansma13 wrote:
I thought I purchased Turbo Tax for business......Why wouldn't those forms also be done with Turbo Tax?
If your business is a Partnership, S Corp, C Corp or a multi-member LLC those tax returns can only be completed using the TurboTax Business Edition. Not any of the TurboTax personal editions.
The Business Edition can only be installed on a Windows based personal computer, not on a Mac or Online.
Go to this website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/
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