topic S corporation - which Turbotax edition to use? in Business & farm

S corporation - which Turbotax edition to use?

Fig Wam — Sat, 01 Feb 2020 20:50:42 GMT

I bought Home&Business edition, as usual.

Though this year I have different situation - S corporation.

I remember first I have to prepare and file my S-corp. tax return, then individual.

While I try to fill K-1, W2, etc. for S-corp - I do not see the right forms there.

Question: should I use Business edition?

Re: S corporation - which Turbotax edition to use?

DavidS127 — Sat, 01 Feb 2020 21:13:28 GMT

Yes, you need TurboTax Business to file a Form 1120S. You can then use your TurboTax Home and Business to enter the K-1 income/loss from your S Corp.

Re: S corporation - which Turbotax edition to use?

SWG123 — Sat, 07 Mar 2020 21:32:13 GMT

First year as an S Corp. If I have 1120S and accountant e-filed it with IRS, do I still need TurboTax Business? As part of my S Corp I contract with a company and have a 1099 from that company, which is included in the 1120S that was filed.

Can I still use Home and Business TurboTax? And if so, I'm not seeing a place to enter the 1120S information.

Re: S corporation - which Turbotax edition to use?

MaryK4 — Sat, 07 Mar 2020 22:59:28 GMT

You will need the TurboTax Business to prepare the 1120S for the S Corp.

@SWG123