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To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version when using the online program.
All the 2016 downloaded programs will handle the personal return.
View
this product guide chart to see which product is best for you:
https://turbotax.intuit.com/lp/ty14/desktop/lp1.jsp#irs-forms
Corporate returns, such as Forms 1120-S, 1120, 1065, 1041 are offered through Business Tax package:
https://turbotax.intuit.com/small-business-taxes/
It is available only as a desktop version, and then only for Windows.
Once the 1120-S form is prepared, it will generate Schedule K-1, which reports your share of profit/loss and expenses from the S-Corp. That schedule needs to be reported on your personal tax return (using a separate TT personal tax product, such as Premier or Home & Business online).
Generally, an S corporation must file Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date was March 15, 2017. When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $195 for each month or part of the month the return is late multiplied by the number of shareholders.
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