Before discussing the sequence of how to enter information into TurboTax regarding an S-Corp, some background information may be appropriate. An S-Corp is a tax election. In other words, someone creates a limited liability company or a domestic corporation and elects to be taxed as an S-Corp. However, a sole proprietor does not have the option of electing to be taxed as an S-Corp.
There are generally two ways to get money into an S-Corp – through a capital contribution (equity) or loans (liabilities). When you first start a return in TurboTax Business, you'll be asked to select the type of return you want to prepare. Select Business return and then select S corporation to add Form 1120S to your return.
Here is a link to a TurboTax article regarding S Corps that you might find helpful.
Do S Corps file Personal Tax Returns
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