KathrynG3
Expert Alumni

After you file

You're welcome!

No, you do not need self-employed; you can file using Premier. Even though it is a single member LLC, since you are filing it as an S-Corp, you would need to use your TurboTax Business program. This will do the following:

  • prepare the informational return Form 1120-S, which is a "pass-through entity."
  • generate your "Schedule K-1" for your Individual tax return--this is entered in its own area in TurboTax, separate from the self-employed area

The S-Corp tax return filing will not generate any tax due, but it must be submitted by March 15. The tax is paid by you when reported on your individual tax return.

 

Click this link for help: Where do I enter a K-1 that I received?