I’m using turbotax self employed. I can’t finish the return because I haven’t filed my schedule k. Can I file my schedule k on TurboTax? Where? Or do I have to mail it?

[schfiftyfive115]

I’m a single member LLC, I’m the only employee. Does TurboTax let me efile the schedule k? Any details would be great. -thanks

[MaryK4]

If you are a single-member LLC you file a Schedule C with your individual tax return.  You do not have to file a Schedule K.  You pay the self-employment tax on your net business income.

[schfiftyfive115]

I probably should clarify that it’s a single member LLC S-Corp… that makes the difference, right? 

[JohnB5677]

Yes, you will have to file a separate tax return for the S-Corp.  The S-Corp itself is not taxed, but rather, it flows through to your individual return, and is reported on a Schedule K-1.

TurboTax does provide a separate software that will allow you to prepare an 1120-S, that will generate the K-1 that you need.  However, if you're not familiar with accounting practices it may be prudent to seek a professional, at least for the first year.

[schfiftyfive115]

I’ve already started the $89 self employment turbotax, it’s what I used last year, I’m just unable to finish the return due to needing my investment statements for my individual (day job). Last year I filed with self employment,  filed my S-Corp and my day job on it but submitted my schedule-k by mail (even though it’s just me in my business). So it sounds like I’ll have to do the same again unless I wanna pay for the schedule-k to be e-filed? 

[JohnB5677]

I may have misunderstood your question.

• What do you mean by Schedule K? Do you mean K-1?
• What was the Schedule K that you mailed?  I understand Schedule K-1, but I'm not aware of Schedule K.
• You said you had an S-Corp.  Do you have a separate Tax Identification Number (TIN or EIN)?
• Self Employed should not be used for an S-Corp.  It is a different "Business" software.
• Did you ultimately only file your personal tax return (Form 1040)?

[schfiftyfive115]

Sorry, I meant schedule k-1. I’m scatter brained, I can’t even quite remember what I did last year, I guess that’s what you get for working ungodly amounts of overtime with a day job and a business. 

I do have an EIN but the self employment recognized my S-Corp from last year and allowed me to fill it all out, so I’m confused by your statement. I haven’t submitted anything tax related yet since I won’t get my investment statements till the 15th of this month.  

I rechecked turbotax and it’s asking me if I received a k-1? Since I'm the only one, could I say yes and just fill it out on TurboTax? I know that the k-1 is used for shareholders and since I’m the only one, could I just fill it out as I go on TurboTax? 

[JohnB5677]

I understand and have empathy for you.  I've lived that life!

You may have filed your S Corp under the Self-Employment platform last year, and it may not have significantly changed your final return.

However,  an S Corp must file an 1120 S tax return. The rules for an S Corp are different than the rules for a Single Member LLC.  If your business is considered an S Corp, you need to follow the S Corp rules.

The S Corp must file a tax return, an 1120 S.  Income and expense items are distributed to the owners of the S Corp via a Schedule K-1. You include the Schedule K-1 in your personal tax return.  Schedule K-1 is not reported on a Schedule C. You can use Turbo Tax Premier to include K-1 information.

To complete an 1120 S, you need to use Turbo Tax Business. This is a separate program from the programs used to prepare an individual tax return.

A single member LLC is a disregarded organization by the IRS.  This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).

View solution in original post

[schfiftyfive115]

Okay…. So… could I just fill out the 1120s and schedule k-1 on paper then mail it in then use TurboTax self employed or would I still have to use premier? It’s just confusing for me because I have a day job that needs to be filed, the S-corp and me as the owner of the S-corp. 

[JohnB5677]

The answer to both questions is yes, however, filling out the 1120-S and the K-1 on paper is a daunting task for a professional tax preparer.  As I stated above it may be worth getting help with the first time you file it.

Yes, you will need premier to complete the posting of the K-1.

[schfiftyfive115]

Thanks (REALLY appreciate your help)! Luckily with my situation it’s fairly easy to fill out, I just did my 1120s, schedule k-1 and expense report. I wanted to just do it all online but it’s actually quicker for me besides the fact that the mail takes so long. So I’m pretty much almost set, so premier is not self employment, correct? Although I don’t see a “premier” package as I’m using the TurboTax app on my phone. It’s confusing because the self employment is asking if my employer (which is me) sent a k-1. So would it be safe to send the 1120s and k-1 by mail and click yes on if I have my k-1 and continue with self employment seeing that I’m doing my 1120-s and k-1 by mail?

[DianeW777 · Accepted solution]

Yes, you can check that you have received the K1 even though it is or will be mailed to the IRS. Yes, you can continue using TurboTax Self Employed to complete your return on the App.

@schfiftyfive115