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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 ?
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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.

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