topic Profit or Loss S-corp in Business & farm

Profit or Loss S-corp

ignaciogachuzo — Tue, 14 Apr 2020 21:51:17 GMT

I used turbo tax business 2018 to complete my tax return for my LLC which I elected to file as an S-Corp so that I can include the loss from my business on my personal tax refund. Do I file both tax returns together or separately as it appears that turbo tax is only set up to create a tax refund for the business? Yes I am over a year behind on my 2018 tax return which is why I'm using the 2018 version of the turbo tax software.

Re: Profit or Loss S-corp

KarenM90 — Tue, 14 Apr 2020 22:47:51 GMT

You will need to use the TurboTax Business software to file your Sub-S return only. It will be mailed separately from your 2018 Personal Return.

The software will generate a K-1 form for your portion of the income. The K-1 should be used to transfer the information to your personal return.

You will need to use TurboTax Desktop or Online Software for your Personal tax return. If you don't have the Desktop Software for a 2018 Personal tax return, here is a link to the online software: Prior Year Software

Re: Profit or Loss S-corp

AmeliesUncle — Tue, 14 Apr 2020 23:21:48 GMT

@ignaciogachuzo wrote:
I used turbo tax business 2018 to complete my tax return for my LLC which I elected to file as an S-Corp so that I can include the loss from my business on my personal tax refund.

Did you previously make the election to be taxed as a corporation? Or are you trying to make that election with your 2018 tax return?

Are you aware that you will be assessed thousands of dollars of late penalties for a late S-corporation return?

Are you aware that the loss from a non-corporate business (a Sole Proprietorship) would also reduce your income on your personal tax return?

And in my opinion, NEVER make an election to be taxed as a corporation unless you have the close guidance of a tax professional.