The S Corporation files Form 1120S to report its tax items to the IRS. The corporation does not pay income taxes, and issues a K-1 to its shareholder(s). The K-1 information is then used by the shareholder in preparing his or her personal tax return. Basically, you will personally pay the taxes on the company's profits, whether you distributed all the profit to yourself or not. Please follow this link for more information.
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Do-Chapter-Sub-S-Corps-File-Pers...To prepare the corporate tax return, please purchase TurboTax Business. See
https://turbotax.intuit.com/small-business-taxes/After you prepare the K-1, report that information in TurboTax under the Business Items for your personal return.
