Version of turbo tax confused

[Tanik1]

Hello, 

I'm confused from all the information I found. But nothing really tells me if I have to get 2 different versions. 

I have an S Corp. So I would need to get turbo tax business. But it says I will need to file my personal tax as well. 

So before I would get home and business version and file my personal taxes and income from my freelance jobs. I was able to do both with the home and business.

Now I formed an S Corp I'll need to get the business version. 

Does this version allow me to file my personal taxes and my income from my free lance jobs cause I form the s corp half way through the year? Or I will need to purchase both home and business and the business for S Corp?

Thank you

[ee-ea]

You  will need to purchase both "Home and Business" for your 1040 and the "Business: for  the 1120S .

[rjs · Accepted solution]

You have to prepare the Form 1120-S tax return for the S corp first, using TurboTax Business. (And the filing deadline for an S corp return is March 15, not April 15. The penalty for filing late is steep.) The S corp return will include a Schedule K-1 for each shareholder. As a shareholder, you have to enter the Schedule K-1 in your personal Form 1040 tax return along with any other personal income that you have, including any freelance income that is not from the S corp.

You cannot prepare your personal Form 1040 tax return with TurboTax Business, and you cannot prepare the Form 1120-S S corp tax return with TurboTax Home & Business.

[Tanik1]

Thank you. This makes it clear. But now getting both version just added more cost in doing taxes with turbo tax. Just great.