Homebusiness 2019 S Corp

[Explorz]

I've been working in Turbotax Home & Business 2019 for the Mac.

I finished everything and it shows I owe a Self Employment Tax.  But I am not self employed.  I own an LLC that is treated as an S Corp.

I can't find any way to get rid of the Schedule C (Self Employed) and file a Schedule K.

Is the Mac version simply not capable of that?  Is that only available in Turbotax Business (which is only available on the pc)?

Did I just waste my money buying Turbotax Home & Business?  Can I get a refund.

I was trying to save $700 getting my taxes done and it looks like I can't file my own taxes as an S-corp using TurboTax

[macuser_22]

Only TurboTax "Business" , not Home & Business, can do S Corps.   Business is  Windows only software - there is no Mac version.

[Explorz]

Thank you.  What a shock to get to the end of all my inputs only to find that it saddles me with a Schedule C self employment tax.

Do you know if I can get a refund on the software that is now useless to me?

Or.... Do you know if Turbotax offers a tax service that might be inexpensive if I just upload all the data I've input to a professional who can file my s-corp taxes?

[macuser_22]

You would need to contact customer support Monday for a refund.

TurboTax does not offer paid tax service - only do-it-yourself software.

[mesquitebean · Accepted solution]

@Explorz 

If you also need to file a personal income tax return (Form 1040 and associated forms/schedules), your TurboTax Home and Business Edition can still prepare your personal tax return, however.   It can enter the Schedule K-1 you receive from your corporate return, if applicable.

The Business Edition cannot prepare a personal tax return, and as mentioned above, is not available for Mac anyway.   I have seen reports that some users have used it on a Windows-emulation program on their Mac such as Parallels, but I don't use a Mac so I don't know anything about that.

[macuser_22]

Right - but the OP might be able to use a  cheaper version to file the personal return and K-1.

[Explorz]

Ahhh, that’s a good point. I can have my tax guy just file my business return and save a little $. Then I can use the software I purchased to file my personal return with the pass through data from my business return?

 So I would simply delete all the business info from my TurboTax software and that should eliminate the self employment tax?

[Explorz]

I do have a rental property in California (I live in Arizona) that needs to be accounted for. 

[mesquitebean]

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@Explorz wrote:

Ahhh, that’s a good point. I can have my tax guy just file my business return and save a little $. Then I can use the software I purchased to file my personal return with the pass through data from my business return?

 So I would simply delete all the business info from my TurboTax software and that should eliminate the self employment tax?

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Yes, but as Macuser_22 mentioned, it doesn't have to be Home and Business Edition.   The other desktop editions can also enter a K-1.

The desktop editions can handle a rental property.   All editions can do it, but Premier or Home and Business provide the most help guidance.

Yes, you can remove what  you entered for the Schedule C self-employed interview,  and if necessary, can delete forms, underlying worksheets, etc.   You may be able to delete it all from the Business Summary screen in the interview.  There may be a Delete button for the business.  You could try that first to see if everything related to the business was deleted.   If it was me, I'd just start a new return from scratch, especially if you're not used to doing all that, but you can certainly try first, if you like.

The desktop editions can prepare the same forms but vary mainly in the amount of help and guidance, with these exception:

• The Basic Edition does not include a state program and does not import from ItsDeductible.
• Desktop Deluxe comes in 2 versions--one that is Federal and state combo, and one that is Federal-only.  When purchased from TurboTax, it is the combo version.  When purchased elsewhere, you have to be careful as to which Deluxe you are buying.

In the desktop editions there is a 24.99 fee to efile a state return (except no fee for NY state).  There is no fee to print and mail the state returns.

[mesquitebean]

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@Explorz wrote:

I do have a rental property in California (I live in Arizona) that needs to be accounted for. 

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The desktop editions Premier or Home and Business include a program for 1 state.  You can prepare multipe state returns of that included state.  However, if you need to file 2 different state returns (different states), you'd need to purchase the second state program at 44.99.

As I mentioned in this thread, Desktop Deluxe comes in 2 versions--one that is Federal and state combo, and one that is Federal-only. When purchased from TurboTax, it is the combo version. When purchased elsewhere, you have to be careful as to which Deluxe you are buying.

The Basic Edition does not include a state program and does not import from ItsDeductible.

In the desktop editions there is a 24.99 fee to efile each state return (except no fee for NY state). There is no fee to print and mail the state returns.

[Carl]

TurboTax Home & Business - This is the desktop software used to file a personal 1040 tax return that could also include a SCH C for a disregarded business entity. This would be either a sole proprietorship or a single member LLC.

TurboTax Business - This software is available for the Windows operating system only. It is not available for MACs and it is not available as an online product. This program is used to complete and file a tax return for a non-living non-breathing separately taxable entity. This includes Partnerships, multi-member LLC's, S-Corps, C-Corps, Trusts, and Estates. TurboTax business can not be used to file a personal 1040 tax return of any type, as the program does not include any IRS Form 1040 of any type.

WHen you have a business that requires the use of TurboTax Business, then you must complete and file the appropriate business tax return first, be it a 1065 Partnership return, an 1120-S Corporate Return, or an 1120 Corporate return. Upon completing the return you will print a K-1 for each owner/investor in the business and provide that K-1 to each. Owners/Ivestors can not complete their personal 1040 tax return until "AFTER" they have received their K-1.

While generally a personal tax return is due by April 15th, the business tax return has a drop dead due date of March 15th. The penalty for filing a late business return is steep, at $210 per month FOR EACH OWNER of the business. So for example, if you file a late 1065 Partnership return just one day late, that means the late filing penalty will be $410 at a minimum assuming there are only two partners.

For the 2019 tax filing season the filing deadline for a business tax return has been extended until June 15th, 2020. So don't be late. If you file on the 16th, you *will* pay the late filing penalty.

[Explorz]

Thank you. Your help gave me exactly the information I needed. 

[dcasey160]

I use TurboTax Business on my Mac using the Windows-emulation program Parallels.  It works very well.

In general I use TurboTax Business to prepare and file form 1120S, and use the K-1 it generates in TurboTax (personal) on my Mac.  The K-1 shows the business income which goes into form 1040 Schedule C.

[DawnC]

That is a great option!  Thanks @dcasey160