Your (very) basic understanding is correct.
However, there could be other issues, such as whether or not your S corporation paid you a reasonable salary for any services you provided to the corporation and, if so, whether or not you filed the proper quarterly tax forms.
If your S corporation return is relatively simple, you can most likely prepare and file the return yourself with TurboTax Business. If it is more complex, you should seek guidance from a tax professional.
