Yes, you file a separate tax return for your S-Corp (Form 1120-S). Your profits or losses from your S-Corp are reported on a Schedule K-1 which you will report on your personal tax return. Schedule K-1 is generated when you prepare your 1120-S tax return.
You will use TurboTax Business to file your S-Corp (Form 1120-S) tax return. Use this link TURBOTAX DESKTOP BUSINESS 2024 to purchase and download the software. You will have to prepare your personal tax return in TurboTax Online or TurboTax DeskTop.
Refer to the TurboTax articles What is Form 1120-S? A Guide to the US Income Tax Return for S Corporations and What is a Schedule K-1 Tax Form? for more information.
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