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Level 1
posted Jan 29, 2021 9:57:42 AM

Which turbo tax program do I use if I own a s corp and also need to file personal taxes

Which turbo tax program do I use if I own a s corp and also need to file personal taxes?

 

-i have S corp (i need to file 1120S)

-i have W2 for me and W2 for my wife

 

Can i use Turbotax Business to file 1120S for my S corp and do personal taxes?

 

Thanks.

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1 Best answer
Expert Alumni
Jan 29, 2021 10:23:20 AM

You won't be able to prepare your personal income tax returns using TurboTax Business. TurboTax Business in used to prepare your 1120-S form.

 

To prepare and file your personal income tax returns, you'll also need one of the following products:

You'll start by preparing your S corporation (Form 1120S) using TurboTax Business. Form 1120S is due the15th day of the 3rd month after the end of the entity's tax year, generally March 15 for a calendar- year entity.

  • See Form 7004 for an automatic extension period of six months which gives you a due date of September 15 for a calendar-year entity. 

 

When you complete your Form 1120S,  TurboTax will generate Schedule K-1's. Click How do I issue a K-1? The K-1 information gets entered on your personal income tax return, Form 1040. 

 

Related information: 

2 Replies
Expert Alumni
Jan 29, 2021 10:23:20 AM

You won't be able to prepare your personal income tax returns using TurboTax Business. TurboTax Business in used to prepare your 1120-S form.

 

To prepare and file your personal income tax returns, you'll also need one of the following products:

You'll start by preparing your S corporation (Form 1120S) using TurboTax Business. Form 1120S is due the15th day of the 3rd month after the end of the entity's tax year, generally March 15 for a calendar- year entity.

  • See Form 7004 for an automatic extension period of six months which gives you a due date of September 15 for a calendar-year entity. 

 

When you complete your Form 1120S,  TurboTax will generate Schedule K-1's. Click How do I issue a K-1? The K-1 information gets entered on your personal income tax return, Form 1040. 

 

Related information: 

Level 13
Jan 29, 2021 10:44:09 AM

In addition to the input provided by @HelenC12 , the TT for Business software is only available for those that work in a Windows environment (no Mac).