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mattygit
New Member

Spouse started a PA (S Corp) in 2016. She is is a Partner (Attorney) with a firm. We got the Schedule k-1 and now I have to prepare her corp return. How do I start?

 
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Anita01
New Member

Spouse started a PA (S Corp) in 2016. She is is a Partner (Attorney) with a firm. We got the Schedule k-1 and now I have to prepare her corp return. How do I start?

If you mean the Partnership sends the k-1 to her S Corp instead of to her, then you would have to use Turbotax for Business to file an S Corp return, whose only source of income would, I assume, be the k-1 from the Partnership.  The S Corp would then produce a k-1 that would be entered in your personal joint return, as would the W-2 that pays a salary to your spouse.

TurboTax for Business is a separate product available only in CD/Download format for Windows.  It can be purchased here:  https://turbotax.intuit.com/small-business-taxes/

You can enter the k-1 in the Premier online version of Turbotax, or any version from Deluxe and above for the CD/Download version.  https://turbotax.intuit.com/personal-taxes/cd-download/

Having the Partnership producing income for the S Corp is a somewhat unusual business structure.  if you have not seen an attorney about the best business structure to use, you might want to do so.

View solution in original post

1 Reply
Anita01
New Member

Spouse started a PA (S Corp) in 2016. She is is a Partner (Attorney) with a firm. We got the Schedule k-1 and now I have to prepare her corp return. How do I start?

If you mean the Partnership sends the k-1 to her S Corp instead of to her, then you would have to use Turbotax for Business to file an S Corp return, whose only source of income would, I assume, be the k-1 from the Partnership.  The S Corp would then produce a k-1 that would be entered in your personal joint return, as would the W-2 that pays a salary to your spouse.

TurboTax for Business is a separate product available only in CD/Download format for Windows.  It can be purchased here:  https://turbotax.intuit.com/small-business-taxes/

You can enter the k-1 in the Premier online version of Turbotax, or any version from Deluxe and above for the CD/Download version.  https://turbotax.intuit.com/personal-taxes/cd-download/

Having the Partnership producing income for the S Corp is a somewhat unusual business structure.  if you have not seen an attorney about the best business structure to use, you might want to do so.

View solution in original post

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