I work for a company and my wife runs a home daycare as an s-corp what turbotax product do I need to use

[smdag55]

I have a Job, My Wife runs a daycare out of our house. the daycare is an S-corp and I am a member of the S-corp and so are my three children (adults) We also have three employees (w2's for all of them) Can I file on one turbo tax product? Which one? Married filing jointly

[HelenaC]

 Note: The CD\Download versions allow you to e-file five tax returns and prepare as many paper returns as you need. There is one state download with the personal software but there is a fee for e-filing.

[HelenaC]

See the Related Information in my answer for differences between Online and CD\Download.

[HelenaC · Accepted solution]

You'll need two tax products. The CD\Download versions allow you to e-file five tax returns.

For your wife's S-Corp, she'll need to file Form 1120S (U.S. Income Tax Return for an S Corporation). It's available in TurboTax Business.

For your personal income tax return, if you want to use TurboTax online, you'll need TurboTax Premier and TurboTax Live Premier since you'll have a K-1's from the S-Corp.

OR

For your personal income tax return, if you want to use TurboTax CD\Download, you may use Deluxe, Premier, or Home & Business. 

• Although Basic, Deluxe, Premier, and Home & Business all support the same tax forms and schedules, the step-by-step guidance is different (for example, Basic through Home & Business all support Schedules C and D, but Premier and Home & Business have extra guidance and interview screens geared towards investment sales and self-employment, respectively).

Related information:

• What are the advantages of the TurboTax CD/Download software over the Online version?
• What's the difference between TurboTax Online and the TurboTax CD/Download?