We have income from two private companies + we bought a Bed & Breakfast that generated income in 2016, set up as an S-corp. Do we need to file as self employed or Home&B?

[valmac01]

I bought home & business, thinking I could use that, but I don't see "s-corp" listed as an option in the drop-down list of business structures. It keeps routing me through "partnership," and that's not correct.  Do I need to get the "self employed" version to cover the business, even if my husband and I both have other full-time jobs unrelated to the B&B?

[RichardG · Accepted solution]

First, you need to prepare the S corporation's tax return using TurboTax Business.  That's a separate desktop program for Windows.  The deadline for that return was March 15, so I encourage you to file that return soon.

That return will produce Form K-1 for each owner of the corporation.  You'll then use that form to prepare your personal tax return in TurboTax.  The K-1 gets reported under the Business Investment and Estate/Trust Income heading.