Can I use TurboTax Self Employed if I am an S Corp?

Forum|Forum|7 years ago
June 1, 2019
3 replies
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Carl

Level 11

No. You have to use TurboTax Business (different from Home & Business) to file an 1120-S tax return for the S-Corp. Using that program, the S-Corp will issue you a K-1, which you will need for your personal tax return. So you can't even start your personal return, until you have completed the 1120-S corporate tax return.

TurboTax Business is not available as an online product, and is not available for MACs. Windows only. You can purchase the CD/Download that you will download and physically install on your windows computer at https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...

r_schleufer

Level 2

I think this needs more clarity.

I have a CPA handle my S-Corp to generate the 1120-S and K-1.

Which version of TurboTax is needed for my personal returns? Small Business, since I operate from a home office?

DeanM15

Level 10

If you have a CPA handle the S-Corp return, then you would need Premier to process the 1120-S, K1 and W2.

For your home office, you would either have to have the S-corp pay you rent for the home office or pay you for the costs of a home office under an accountable plan for employee business expense reimbursement. You can find more information here.

In either case Premier would be fine.

@r_schleufer

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sjlocke

Level 5

You don't need Premiere. Deluxe works just fine and handles those things.

Keirsten1

Level 2

What if I'm the only officer and no employees? Can I use home and business for my S Corp? I don't have any shareholders.

Carl

Level 11

Can I use home and business for my S Corp?

No. An S-Corp is treated as a separately taxable entity and therefore must file it's own 1120-S tax return. So you will have to use TurboTax Business for that.

TurboTax Business is only available for the Windows operating system. It's not available for MAC or as an online product.

Now when your S-Corp issues you the K-1, you can use Premier or higher so you can enter the K-1 information into your personal tax return. ( I'm not sure if the online version of Deluxe handle's K-1's)