S-Corp info is going into Schedule C, shouldn't it be K-1 and 1120S?

[scottlindner]

I'm new to TurboTax Home & Business but have been using TT for personal taxes for ages. I'm trying to handle my wife's LLC's and my spidey senses are telling me it isn't being handled right. She has one S-Corp but as I am entering it in TT under Business it is all going under Schedule C. Shouldn't it be a K-1 and 1120S? Ultimately I'm trying to figure out how to handle the owner draw and I found one question about this in 2019 that equally shows the pain in trying to figure out how to handle this.

I'm also starting to wonder if Home & Business is not the correct version for handling S-Corp taxes. Please advise.

[DoninGA · Accepted solution]

The TurboTax Home & Business edition cannot be used for a Form 1120-S for an S Corporation.

You will need to purchase and download the TurboTax Business Edition to complete and file a Form 1120-S.  The Business Edition can only be installed on a Windows based personal computer.  The Business Edition cannot be used for a personal tax return, Form 1040.

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

[VolvoGirl]

No you don't do a schedule C for  it.  Do not enter the K-1 under the Business tab.  Delete all that.   I have Home&Business too.  I can post you screen shots.   You enter the K-1 under 

Personal Tab

Personal Income - select I'll Choose what I work on

Scroll way down to: Business Investment and Estate/Trust Income

Then Schedule K-1 

Or do you mean you need to file a 1120 S return?  You need to buy Turbo Tax Business, not to be confused with the personal Home & Business version.  Home & Business is just for personal returns that need schedule C for self employment.

You can buy the stand alone do it yourself Business Download program for Windows here (it is not available to do online or for Mac).
https://turbotax.intuit.com/small-business-taxes/cd-download

So you will need 2 programs.  Business and a separate program for your personal return.  You can have both a personal program and the Business program installed on the same computer at the same time.

[scottlindner]

Thank you to the both of you. This wasn't very clear to me when trying to figure this out. I really appreciate your help. And you both nailed it.. I need both programs. I wish I could mark both answers as the best.