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dannl2
Returning Member

I asked the reps, "What program do I need for my personal and an S corp"? They all said Personal and business. Now I find I need to purchase the business - furious

 
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3 Replies

I asked the reps, "What program do I need for my personal and an S corp"? They all said Personal and business. Now I find I need to purchase the business - furious

 I don't see any other questions from you.  Sorry, yes you need both a personal version either Online or Desktop.  And the separate Windows Business Desktop program.  I'll pass you complaint to the moderator so they can tell the phone reps.  Either they didn't understand your call or you didn't understand their answer.

I asked the reps, "What program do I need for my personal and an S corp"? They all said Personal and business. Now I find I need to purchase the business - furious

Well they were correct ... you needed a personal version for the 1040 and a business version for the 1120S.

Also if this is the first 1120S you have filed be aware that return was due 3/15/19 and the late penalties are stacking up unless you put it on extension.  Also getting professional help would be wise to be educated on the form.

 

Now you will need the Premier or better if you use the ONLINE version to accept the K-1 from from the corp return  OR  any of the personal downloaded versions .... so if you bought the Home & Business version you can get a refund of the fee and buy a lower version.

Carl
Level 15

I asked the reps, "What program do I need for my personal and an S corp"? They all said Personal and business. Now I find I need to purchase the business - furious

Note that you will need a personal version of TurboTax for your personal 1040 tax return. There are four flavors of the personal version.

There's Basic, Deluxe, Premier both online and Desktop. 

The fourth flavor has two names, depending on if you're using online or Desktop. The online version is called Self-Employed. The CD/Desktop version is called Home & Business.

For the CD version (which is what I recommend if this is your first time completing your own tax return with the TurboTax sofware) get what you need at https://turbotax.intuit.com/personal-taxes/cd-download/

Now for the business tax return which has to file an 1120-S you need TurboTax Business (not the same as Home & Business)  Get that at https://turbotax.intuit.com/small-business-taxes/

Take note that TurboTax Business is not available as an online product, or for MACs. It's for the Windows operating system only. You can not use TurboTax Business to file a personal 1040 tax return of any type. TurboTax Business is for completing and filing a tax return for a non-living non-breathing separately taxable entity such as a Partnership, multi-member LLC, C-Corp, S-Corp, Estate and Trust.

You will also need to complete and file your business tax return (the 1120-S) before you can even start your personal tax return. That's because the business will issue all owners of the business a K-1 which will be required for each owner to complete their personal 1040 tax return.

One final note also. The 1120-S business return was due March 15th. If you filed an extension for the business then it's due Sept 15th. Take special note that if you file the 1120-S late (after March 15 if you did not file an extension) then the late filing penalty is $200 per month, per owner. So if your S-Corp has two owners and you did not file for an extension, the late filing penalty is already up to $1200. If not filed on or before July 15th, that goes up to $1600.

Finally, if this is your first year to file the 1120-S then I highly suggest you seek professional help for "at least" your first one. Even the tiniest of mistakes on the 1120-S can get exponentially worse as the years pass. THen when you catch the error (if the IRS doesn't catch it first) the cost of fixing it can quite easily bankrupt the business.

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