turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Raj54
New Member

Turbo Tax self employed and business

I use Turbo Self-employed to file my personal and business tax (S-corp). I have my business income/expenses entered there.
Do I also need to file 8453-S form from Turbo business. It appears to be the same information in both forms.
I also got Turbotax business, how do I get a refund for the Turbo business when everything is covered by TurboTax self employed ?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Raj54
New Member

Turbo Tax self employed and business

This is not what I was told when I was on a call with Turbo Tax.
ThomasM
New Member

Turbo Tax self employed and business

Just to clarify:  The only TurboTax product that will prepare & file an S Corp 1120-S return is TurboTax Business.  The various individual income tax versions of TurboTax -- such as Self Employed -- will only file your personal tax return.

Once you prepare an 1120-S with TurboTax Business software and each member is issued a Schedule K-1, then you enter your K-1 into the TurboTax individual software for inclusion with your personal 1040 return.  You aren't able to prepare an 1120-S in TurboTax Self Employed; that's for sole proprietor's who report income & expenses on Schedule C of their 1040.

So I'm a little fuzzy on what you've prepared.  It sounds like you've entered all your S Corp income & deductions into TurboTax Self Employed, which isn't what you need to do.  Use TurboTax Business for the 1120-S, then enter the K-1 into the online software.

Lastly, you'll only need the Self Employed version if you have an additional business as a sole proprietor (with income on a 1099-MISC).  If the S Corp is your only business, then TurboTax Premier will be able to handle the K-1 entry and any other personal deductions/credits that you have.  You can certainly use Self Employed for that, but it's not required.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies