Question about what Turbo Tax Version I need?

[squill1114]

Hi I have S corp and as well as W2 income from my employer. I bought Turbo tax for Business version (Partnerships, Corporation, LLCS, ..). I have the following questions:

1) Is this all I need to complete my tax return?

2) This S corp is owned 50/50 by me and my gf. Can Turbo tax for Business generate 2 S corp returns? 1 for me and 1 for my gf? 

Given my situation, I'd like to know what Turbo Tax package(S) I need? Thanks a lot 

[tagteam · Accepted solution]

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@squill1114 wrote:

1) Is this all I need to complete my tax return?

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No. TurboTax Business can be used to prepare your S corporation return (Form 1120-S) but you will need another, personal, version of TurboTax (such as Premier or Home & Business) to prepare your individual income tax return (Form 1040).

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@squill1114 wrote:

2) This S corp is owned 50/50 by me and my gf. Can Turbo tax for Business generate 2 S corp returns? 1 for me and 1 for my gf? 

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If there is only one S corporation, then you will only file one S corporation return. The program will generate a K-1 for you and another K-1 for your girlfriend. Each of you will enter the information from those K-1s into your individual income tax returns.

[tagteam]

Important note: If you have never prepared a return for an S corporation previously and/or have little or no experience with pass-through entities, you should seek professional tax guidance.

[Critter-3]

If both of you work the s corporation then you each should be taking a paycheck from the corporation and filing the proper quarterly payroll tax returns any annual state and federal returns. Again seek local professional help to get educated on everything you need to know about having an s corporation.