I am a partner (and active working employee) in a S-Corp and trying to put my K1 income into my return...when entering business info I have come to section asking if I pay any employees. The business does pay me and my partners...but I was confused as to how to answer the question. I think since I am actually just preparing my personal tax return (NOT the tax return for the business - that is done by CPA who provides each of us K1) that I should answer "No" - is that correct?
If you are using TurboTax Business to prepare the S Corp return, you will see a page asking whether the business has paid employees. A "yes" response will prompt TurboTax Business to recommend using Quick Employer Forms to generate W-2s and 1099s.
When you prepare your personal return, unless you are personally paying employees, you would answer "no" to the question about paying employees.
Thank you GeorgeM777!
I thought that was the case since indeed I am JUST using TT to prepare my personal return. In fact since I never had any intention of preparing anything other than my personal return (CPA does the business return and provides me with K1 every year) I am thinking maybe I should have just purchased TT Deluxe - would you agree?