- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Here is a breakdown to make it clear and step-by-step guidance to help clarify what returns need to be filed for what entity:
1. The S-corporation needs to file a Corporate return (1120-S). You will need to use TurboTax Business, which you can get here: https://turbotax.intuit.com/small-business-taxes/You will file the S-corporate return for the dates that the S-corporation was active. When the Corporation has been filed, a K-1 will be generated, which you will report on your personal return.
2. For the sole-proprietor, you would file the income and expenses for that using a Schedule C (which will be on your personal return). You will only file the income and expenses for the time the sole-proprietor was operational (generally until the Corporation was formed). You should use TurboTax self-employed vesion (this will help you create the Schedule C and report the K-1). Click here: https://turbotax.intuit.com/personal-taxes/online/
**Mark the post that answers your question by clicking on "Mark as Best Answer"