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After you file
Wow! Never seen one like this before.
First, you need to complete the S-Corp return. Since the S-Corp will be issuing you a K-1 which you will need on your personal tax return, there's no since in even discussing the amending process for the personal return, until you've got the 1120-S corporate return compelted and ready to file. However, do not file "ANYTHING" until you are ready to file "EVERYTHING*, to include what will be your amended personal return.
So get on the 1120-S Corporate return first. For that, you have to use TurboTax Business (different from Home & Business). TurboTax Business is not available as an online product, or for MACs. TurboTax Business is for the windows platform only. YOu can purchase TurboTax Business at <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>. But you may find it significantly cheaper in a local retail store in your area.
If you purchase it online, you can download the CD installation file and installed it right away and start using it immediately.
Now while you will need to amend your personal return, it makes absolutely no sense to do so until you get the corporate return done and ready to file, so you'll have the K-1 which you will need to include on your personal return when you amend it to undo the SCH C stuff.
First, you need to complete the S-Corp return. Since the S-Corp will be issuing you a K-1 which you will need on your personal tax return, there's no since in even discussing the amending process for the personal return, until you've got the 1120-S corporate return compelted and ready to file. However, do not file "ANYTHING" until you are ready to file "EVERYTHING*, to include what will be your amended personal return.
So get on the 1120-S Corporate return first. For that, you have to use TurboTax Business (different from Home & Business). TurboTax Business is not available as an online product, or for MACs. TurboTax Business is for the windows platform only. YOu can purchase TurboTax Business at <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>. But you may find it significantly cheaper in a local retail store in your area.
If you purchase it online, you can download the CD installation file and installed it right away and start using it immediately.
Now while you will need to amend your personal return, it makes absolutely no sense to do so until you get the corporate return done and ready to file, so you'll have the K-1 which you will need to include on your personal return when you amend it to undo the SCH C stuff.
‎June 3, 2019
10:59 AM