topic How can I prepare a K-1 in Deductions & credits

How can I prepare a K-1

ROCKYCLEMONS — Sun, 21 Jul 2019 21:28:21 GMT

For a Subchapter S

Re: How can I prepare a K-1

Anonymous_ — Sun, 21 Jul 2019 22:06:46 GMT

If you need to prepare a Form 1120-S for an S corporation, you need TurboTax Business (link below) which is not available online or for a Mac; it must be installed and run in a Windows environment. Further, TurboTax Business can only be used to prepare income tax returns for entities; it cannot be used to prepare an individual income tax return (e.g., Form 1040).

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

Finally, if you are not extremely familiar with the rules and regulations that relate to S corporations, you should definitely seek professional tax guidance and assistance with return preparation rather than attempting to do it yourself.

Re: How can I prepare a K-1

Critter — Sun, 21 Jul 2019 22:07:06 GMT

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. And the corp return was due 3/15/19 unless you put it on extension AND if you are not familiar with filing an 1120-S then I highly recommend you seek local professional assistance ... the LIVE help in the Self Employed program will not help you with this return or other program.

You can access the TurboTax Business software here : https://turbotax.intuit.com/small-business-taxes/