If I use the Self Employed Turbo Tax, do I also need to file taxes separately for my company? or does it do it at the same time as my personal taxes?

Forum|Forum|7 years ago
June 1, 2019
5 replies
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TurboTax Self Employed Online

Best answer by MinhT1

TurboTax self-Employed is used to file individual tax returns only.

To file a tax return for your S-Corp (form 1120S), you'll need to use TurboTax Business which a CD/Download on a Windows computer (not compatible with Mac). As part of the 1120S, each shareholder will receive a Schedule K-1 which is then entered on their respective tax returns.

You can purchase TurboTax Business at this link:

https://turbotax.intuit.com/small-business-taxes/

MinhT1

Level 15

What is the form of your company? Partnership, single member LLC, husband-wife LLC, multi-member LLC, S-corp, C-corp?

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corsicaAuthor

Level 2

S corp

corsicaAuthor

Level 2

I am a single member LLC, but can that also be an S corp? thanks

MinhT1

Level 15

It depends. If you have filed form 2553 to elect to treat your LLC as an S-Corp, then you must file form 1120S using TurboTax Business.
If you have not made the election, then your single-member LLC is a disregarded entity and you can file Schedule C in your personal yax return for it.

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