You use TurboTax Business to prepare your S-Corp tax return. In your S-Corp tax form (form 1120-S), there are Schedules K-1 (one per shareholder).
You use TurboTax Home and Business to prepare your personal tax return.
You enter your Schedule K-1 on your personal tax return.
You can enter your Schedule K-1 by following these steps:
- In TurboTax, open your tax return
- Click on Federal in the left-hand column, then on Wages & Income on top of the screen
- Scroll down and locate the section S-Corps, Partnerships, and Trusts and click on Show more
- Click Start next to Schedule K-1
- Choose the correct form for your Schedule K-1 (Form 1065, 1129S or 1041)
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