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New Member
posted Jun 4, 2019 11:22:23 PM

I just started a S-Corp. Can I use Turbotax Business 2017 to pay my quarterly estimated federal and state taxes? Or do I need to wait until 2018 comes out?

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1 Best answer
Level 15
Jun 4, 2019 11:22:25 PM

S-corps do not pay taxes ... the income is passed thru to the shareholders on a K-1 and they pay taxes on their personal returns.  So to compute & produce 2018 estimated payments you will use one of the 2017 personal income tax products NOT the TT Business version. 

4 Replies
Level 15
Jun 4, 2019 11:22:25 PM

S-corps do not pay taxes ... the income is passed thru to the shareholders on a K-1 and they pay taxes on their personal returns.  So to compute & produce 2018 estimated payments you will use one of the 2017 personal income tax products NOT the TT Business version. 

New Member
Jun 4, 2019 11:22:28 PM

Is there a good program or way to calculate estimated S-corp quarterly state and federal taxes?

Level 15
Jun 4, 2019 11:22:30 PM

Again ... the S-corp doesn't pay estimated taxes ... however you will need to know how much income is being passed to the shareholder AFTER the wages they must take so what you really need is a good Bookkeeping program ... Intuit puts out Quickbooks and there are many others on the market ....   BUT  I HIGHLY recommend you seek professional assistance with this to get educated on what is required ... failure to draw a paycheck or missing filing dates come with costly penalties.

New Member
Jun 4, 2019 11:22:31 PM

Thanks for the info!