Business & farm

So to respond to your specific questions:

• I assume that you prepared and filed the appropriate forms to convert your LLC to an S corp
• If you did not have an EIN for your SMLLC (you used your SS#), then you should have applied for an EIN and used that when you filed your form 8832.
• If you previously had an EIN for your SMLLC (either because you wanted one or had payroll), then you do NOT need to apply for a new one.  You should have noted this on the form 8832 and the IRS will make the change internally.
• Have you received confirmation from the IRS that they have accepted your S election?
  • If you have not received confirmation, I would not file your tax return until then
  • Some states require this S election confirmation be included with the initial state return.  Check your state requirements.
• You data will not transfer.  You will need to input the information for the S corporation return.  This return will require TT Business (not home and business).  I have attached a link for this software.
• https://turbotax.intuit.com/small-business-taxes/
• Once you complete the business return, you will utilize the K-1 information to prepare your individual tax return.  Make sure you complete the business return prior to finalizing your individual tax return.
• Your individual tax return cannot be completed in the business software.  You will need to purchase separate software for you personal tax return
• When preparing your personal tax return, make sure you include the appropriate income and expenses for the time that you were a SMLLC.
• If you have any assets or inventory, you will need to eliminate these from your the Schedule C detail and then input those into the business software.
•  Make sure you understand the mechanics of S corporations.  You will need to maintain a basis schedule, pay yourself a salary, payroll tax filings, etc.  You may want to consult with a tax professional for the initial year to get started on the right path.