topic form 1120S in Business & farm

form 1120S

Forbinsbusinessventures — Wed, 15 Apr 2020 00:45:09 GMT

My balance sheet does not balance. How do I balance it.

Re: form 1120S

Anonymous_ — Wed, 15 Apr 2020 00:48:21 GMT

The link below is to the Proconnect web site but may have some utility for you.

https://proconnect.intuit.com/community/help-articles/help/balancing-an-out-of-balance-sheet-on-form-1120s/00/4027

Re: form 1120S

jgwilliamssnowbird — Sat, 04 Jul 2020 20:24:28 GMT

I want to start filling in form 1120S

Re: form 1120S

VolvoGirl — Sat, 04 Jul 2020 20:40:07 GMT

@jgwilliamssnowbird Do you need to prepare a 1120S Business return or did you get a K-1 from it?

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

Re: form 1120S

BillM223 — Sat, 04 Jul 2020 20:41:04 GMT

Do you have TurboTax Business software? This is required to file the 1120S. This is not the same as TurboTax Home & Business which is for individual (1040) returns.

Does that answer your question?

@jgwilliamssnowbird

Re: form 1120S

Anonymous_ — Sat, 04 Jul 2020 21:32:59 GMT

@jgwilliamssnowbird wrote:

I want to start filling in form 1120S

If this is the first year filing for an S corporation or you are not familiar with income tax returns for entities, you should consider professional tax guidance or even having the return professionally prepared.