If you have an S-corp, TurboTax Business is the only TurboTax product that will handle your Form 1120-S. You won't be penalized for filing the correct form this year, but they are going to wonder where your 2019 Form 1120-S if you did not file it. When you complete the Form 1120-S on TurboTax Business it will generate K-1s for all of the shareholders and those K-1 get reported on the shareholders' personal tax returns. You can't use the Free Edition if you need to enter a K-1, so you will need to use TurboTax Premier or Home and Business (or Self-Employed if using online) to complete your personal taxes.
Your tax return was not rejected because you entered your business information as a sole proprietorship; TurboTax Home and Business won't allow the entry of an S-corp other than through the K-1 entry. Are you sure your business is registered as an S-corp? Surprising you have not received a notice about missing tax returns.....
Business Structures
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