Can I use either TurboTax Self-Employed or Home & Business to file personal taxes if I founded a C-corp?

[AdamE]

Hi, I founded a new C-corp last year. I used an accountant to file my corporate taxes already and am now looking to file my personal taxes (jointly with my wife if feasible). I made loans to my new company to get it off the ground and did not issue myself a W-2 because I have not paid myself anything yet. I am the only employee of the company thus far.

Can I claim these payments via Schedule C in either TT Self-Employed or TT Home & Business? Would you recommend one product or the other based on my situation?

Thanks in advance.

[DavidD66]

If you made loans to your C-corp, the company should have issued you a Form 1099-INT, which you would report on your personal tax return as interest income.  There is no deduction for making loans to a company, even if you 100% of the stock.  If you paid expenses for the business, with personal funds, you cannot deduct them on your tax return.  In order to get a tax deduction you will need to have the Company reimburse you, and the Company can deduct them.  As for Home & Business vs Self-Employed, based on what you described you don't have anything to report on a Schedule C.  That said, there are minor differences between the two, but the biggest difference is that Home & Business is software that resides on you computer, while Self-Employed is internet based.