- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
The S corporation has to file its own tax return, separate from your personal tax return. The tax return for an S corp is Form 1120S. You cannot prepare the Form 1120S tax return for the S corp with TurboTax Online, TurboTax Self-Employed, or TurboTax Home & Business. To prepare the Form 1120S tax return for the S corp, you have to use TurboTax Business, which is different from Home & Business. TurboTax Business is not available as an online service. It's available only as software that you install on your own Windows computer from a CD or a download. You can find more information about TurboTax Business, and purchase it, at the following link.
https://turbotax.intuit.com/small-business-taxes/
Part of the S corp tax return is a Schedule K-1 for each owner or shareholder. You enter the information from your Schedule K-1 into your personal tax return. VolvoGirl gave you the steps to do that in her comment above.
Schedule E is not used for an S corp. That's why you did not see any questions related to an S corp when you started to create a Schedule E.
Since this is the first year you have had the S corp, you might find it helpful to meet with a local accountant or tax professional who can help you set up proper accounting for the S corp and give you guidance about how to handle the tax returns.