So I just filed my Federal and State S-Corp Tax Returns. So do I now have to file my personal tax returns with my Schedule K? And how do I do it?

[taxprepmerry]

PS: It's my first time filing as an S-Corp.

[DaveF1006]

To enter your K-1 information, you need to have Turbo Tax Premier or  Turbo Tax Self-employed ( Home and Business for the software version) To enter in Turbo Tax online:

1. Log into or open Turbo Tax
2. Go to federal>income and expenses>S-corps, Partnerships, and Trusts>sow more
3. Schedule K-1>start

If in Turbo Tax Software

1. Open Turbo Tax
2. Go to Federal Taxes>Wages and Income>choose what you work on
3. Business Items>Schedules K-1

[VolvoGirl]

Yes.  You need online Premier or higher to enter a K-1.  Or any of the Desktop CD/Download programs.

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.

[VolvoGirl]

By the way, how did you already file the 1120 S return?   You had to use the Turbo Tax Desktop Business program installed on a Windows computer.   Has Efiling opened yet? Or did you use an accountant for the first year?  

[taxprepmerry]

So If I've already purchased Turbotax Business, (the software) which is the one I used to file my S-Corp taxes, do I need to make an additional purchase for my personal taxes?

[VolvoGirl]

Yes.  Business and Personal programs are separate.  For Personal you can either use the Online browser version you log into or buy one of the Desktop CD/Download programs.  All the Personal Desktop programs have the same forms, you just get more help in the higher versions.  So you can use a lower version like Deluxe.  You can buy the Desktop program directly from Turbo Tax or look in stores for sales.  Costco has a good price now in January.  

You can see the Desktop programs here,
https://turbotax.intuit.com/personal-taxes/cd-download