You have to prepare the Form 1120-S tax return for the S corp first, using TurboTax Business. (And the filing deadline for an S corp return is March 15, not April 15. The penalty for filing late is steep.) The S corp return will include a Schedule K-1 for each shareholder. As a shareholder, you have to enter the Schedule K-1 in your personal Form 1040 tax return along with any other personal income that you have, including any freelance income that is not from the S corp.
You cannot prepare your personal Form 1040 tax return with TurboTax Business, and you cannot prepare the Form 1120-S S corp tax return with TurboTax Home & Business.
