I've had a sole proprietorship for 1/4 of 2017, then an LLC w Corp S status for 3/4 of the year. What is the best TurboTax product for me? Help as I'm confused.

secampbell2001 — Tue, 04 Jun 2019 20:13:07 GMT

When choosing the 'Self-employed' product, where do I add my S Corp business? Doesn't seem to give me that option. I need to do an 1120 as well as a 1040.

You will need two TurboTax products - Turbotax Business (...

JulieCo — Tue, 04 Jun 2019 20:13:09 GMT

You will need two TurboTax products - Turbotax Business (1120S) and TurboTax Self Employed (1040).

An S Corp is a separate business entity and will have to file its own tax return (1120S), whereas your sole proprietor business activity will all be entered on your personal tax return. Once the 1120S form is created, a K-1 form will also be generated which gives the income and deduction information from the LLC w/S Corp status business that will need to be entered on your personal tax return.

TurboTax Business is the product that will help you prepare, generate and file the 1120S return. You will want to prepare that return first and enter the business income and expenses from the time your LLC w/S Corp status was formed. Note that the 1120S form for the tax year 2017 is required to be filed with the IRS by March 15, 2018. Along with the tax return, a K-1 form will be created for each LLC member to be used in preparing their personal returns.

Because you will have sole proprietor business to enter for 2017, TurboTax Self Employed will work to handle this activity in your personal return, as well as for you to be able to enter your K-1 activity from the 1120S return. For your sole proprietor business, you would only enter the business activity for the part of the year where you were operating as a sole proprietor.

Just getting back to this. Thank you, great answer!

secampbell2001 — Tue, 04 Jun 2019 20:13:10 GMT

Just getting back to this. Thank you, great answer!

topic Just getting back to this. Thank you, great answer! in Business & farm

I've had a sole proprietorship for 1/4 of 2017, then an LLC w Corp S status for 3/4 of the year. What is the best TurboTax product for me? Help as I'm confused.

You will need two TurboTax products - Turbotax Business (...

Just getting back to this. Thank you, great answer!