Which single product for personal and business s corp together for 2024

[Daxsql]

Hi,

For year 2024 which single product I can buy for my personal and s corp (single owner ) filing tax together?

I would like to file 1120-s first and attached later on personal 1040, is it possible using one edition of software.

S corp is single owner.

[xmasbaby0]

Sorry---there is not one software program that can do both your return for an S-corps and your personal tax return.  You need two software programs.   For the S-corps you need TurboTax Business--which must be used on a Windows computer, and you will need one of the desktop downloads or online software for your personal Form 1040.

For your business return:

https://turbotax.intuit.com/small-business-taxes/

For your personal Form 1040

DOWNLOAD (This requires a full PC or Mac—-cannot be used on a mobile device)

https://turbotax.intuit.com/personal-taxes/cd-download/

You can also purchase the desktop download from various retailers such as Costco, Amazon, Walmart, Best Buy, Staples, Sam’s Club, etc. etc. etc.

This link Where can I obtain authentic TurboTax software? has a list of authorized TurboTax resellers.

When you use desktop software, there is an additional fee to e-file a state return.  You can avoid that fee if you print, sign and mail the state return.  The state e-file fee is $20 and increases to $25 in March.

https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-system-requirements/minimum-syst...

ONLINE 2024

https://turbotax.intuit.com/personal-taxes/online/

And just so you know—online prices go up in March—Pay your fee before then to lock in the discount

[Daxsql]

Thanks for reply. So turbo tax home & business software won’t work for s corp and personal combine even though llc s corp has single owner ?

on website it says home & business include form 1120-s, what that mean by

[DoninGA]

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@Daxsql wrote:

Thanks for reply. So turbo tax home & business software won’t work for s corp and personal combine even though llc s corp has single owner ?

on website it says home & business include form 1120-s, what that mean by

---

The Home & Business edition supports entry of a Schedule K-1 (Form 1120-S). 

But it cannot be used to complete a Form 1120-S nor create a Schedule K-1, for this you will need the TurboTax Business edition

[Daxsql]

Thanks. Now question about personal edition and how to merge schedule k1(1120-s)  into. Personal 1040:

1) which edition is good for personal, I have to file stock profit and home mortgage

2) how to merge schedule K1 (1120-s) into 1040 

feedback: pl let turbo tax team to cover s corp and personal combine in future in single edition to make it cheaper as h and r block has very cheap compare to turbo tax 

[DoninGA]

@Daxsql 

1) Any of the TurboTax desktop editions can be used since all the editions include the same forms, schedules and worksheets.  More help and guidance is available with the higher editions.  The Premier edition would be recommended but not required.

2) To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button

Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

[Daxsql]

Thanks for quick reply. Any desktop edition works for home mortgage and stock investment or as per your website only premier edition will work ?

[DoninGA]

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@Daxsql wrote:

Thanks for quick reply. Any desktop edition works for home mortgage and stock investment or as per your website only premier edition will work ?

---

Any of the desktop editions, Basic, Deluxe, Premier or Home & Business can be used for home mortgage and stock investment, although Premier is recommended but NOT required.

[Daxsql]

So all edition gives best refund if any .? 

One more question if I use/claim mortgage interest deduction, do I need to file itemized deduction . 

[xmasbaby0]

@Daxsql Mortgage interest is an itemized deduction that goes on Schedule A.   Itemized deductions have no effect on your refund or tax due unless you have enough itemized deductions to exceed your standard deduction.

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[Daxsql]

Thanks. Can I use mortgage interest deduction and standard deduction together ?

[xmasbaby0]

@Daxsql No.   You can use your standard deduction OR itemized deductions.   You get whichever is more advantageous.  If your itemized deductions do not exceed the standard deduction amount, then you just get your standard deduction.

[Daxsql]

My mortgage interest is 36000$, which deduction is better standard or mortgage .

[DoninGA]

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2024

Single - $14,600 add $1,850 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

[xmasbaby0]

@Daxsql

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2024  You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February, or you may be able to import the 1098 information into the software from the lender's site.