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I own an S Corp but am being asked to complete Schedule C

I am the sole owner of an S corp (new this year). My understanding is that a Schedule C is not required for S corps, but TurboTax keeps listing my business under Schedule C businesses and asking me to enter information for the Schedule C. (Maybe this is happening because I originally began entering information about my S corp as self-employed by mistake...I realized that mistake and have since deleted it). 

 

Am I correct that I do not need to complete the Schedule C?

If I am correct, how do I remove/get around this on TurboTax? I checked the box that says "Do not report this business on this return." but it still seems to be appearing under the list of Schedule C businesses.

 

Thank you for any help.

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1 Best answer

Accepted Solutions
KrisD15
Expert Alumni

I own an S Corp but am being asked to complete Schedule C

Yes, that is correct, an S-Corp is not reported on Schedule C.

 

I suggest you delete the Schedule C if it is in your forms. 

 

The S-Corp should have filed 1120-S and issue to you a K-1. 

You enter the K-1 on your personal tax return. 

 

If you need to delete Schedule C, switch to forms if using Desktop

  • To Delete a Form  using TurboTax Online:
    Select Tax Tools on the left side-bar
    Select Tools from that drop-down
    Select “Delete a form” on the TOOLS CENTER screen
    Select schedule C and delete 
     

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
KrisD15
Expert Alumni

I own an S Corp but am being asked to complete Schedule C

Yes, that is correct, an S-Corp is not reported on Schedule C.

 

I suggest you delete the Schedule C if it is in your forms. 

 

The S-Corp should have filed 1120-S and issue to you a K-1. 

You enter the K-1 on your personal tax return. 

 

If you need to delete Schedule C, switch to forms if using Desktop

  • To Delete a Form  using TurboTax Online:
    Select Tax Tools on the left side-bar
    Select Tools from that drop-down
    Select “Delete a form” on the TOOLS CENTER screen
    Select schedule C and delete 
     

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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