An S Corp must file an 1120 S tax return. The rules for an S Corp are different than the rules for a Single Member LLC.If your business is considered an S Corp, you need to follow the S Corp rules.
The S Corp must file a tax return, an 1120 S. Income and expense items are distributed to the owners of the S Corp via a Schedule K-1. You include the Schedule K-1 in your personal tax return. Schedule K-1 is not reported on a Schedule C. You can use Turbo Tax Premier to include K-1 information.
To complete an 1120 S, you need to use Turbo Tax Business. This is a separate program from the programs used to prepare an individual tax return.
A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).
