GeorgeM777
Expert Alumni

Self employed

Yes, it will, but didn't your tax professional enter the 1099-NECs on Form 1120-S, U.S. Income Tax Return for an S Corporation and issue you a Schedule K-1?  To follow-up on the comments from @DaveF1006, you have two different tax forms to complete, i.e., one for your S-Corp and the second your personal tax return.  If you do need to prepare Form 1120-S, you will need TurboTax Business (this is not the same as TurboTax Home & Business).  If Form 1120-S has already been prepared and includes the 1099-NECs, then all you should be reporting is the income, loss, and any other items reflected on your Schedule K-1.  You can enter your Schedule K-1 information into TurboTax Deluxe.  

 

You may have heard that S corps are pass-through taxation entities.  What this means is that the S Corp does not pay income tax at the entity level. Instead, the profits and losses are passed through the business and reported on the owner's--you are the only owner because you indicated that you are a SMLLC--personal tax return. In effect then, Form 1120-S is an informational return.  Your S Corp will issue you a Schedule K-1, which it appears it has done so, therefore, all you need to do is report the Schedule K-1 on your tax return.    

 

Just an FYI the due date for Form 1120-S is the 15th day of the 3rd month after the end of the corporation's tax year.

 

@pj4470 

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