Which Turbo Tax

[mydogmaxiswhite]

I've asked this question before but have a couple of additional questions.

I have an S Corp but it did not make any money in 2018. I still did have expenses plus I still made a little money on a part time job (employee status)

1. Should I purchase the business Turbo Tax and will it also cover State and Fed for part time jobs.

2. I also want to dissolve my S Corp. Does the business Turbo Tax contain the necessary forms for this?

3. I understand that I'm late with the filing on my S Corp. Can I file that right away and then file my other taxes later? I'll be filing joint with my wife who works part time. We also have social security income.

[VolvoGirl]

For the S corp return you need to use the separate Business program.  Turbo Tax Business  is not available to do online or on a Mac.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

Buy the prior year Business downloads here   

https://turbotax.intuit.com/personal-taxes/past-years-products/

Yes you should do the S corp return first.  You will get info from it to enter into your personal return.  2018 is now the prior year.  You need to use separate programs for Business and personal. 

You can only buy the download for prior years. You have to buy a separate program for each year. They only sell the last 3 years. You need a full Windows or Mac computer to install it on. Buy the download here
https://turbotax.intuit.com/personal-taxes/past-years-products/

You have to print and mail prior year returns. When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS received the return. Don’t forget state.

Important! Mail Federal and State in separate envelopes and mail each year in separate envelopes.

If you are getting a refund, there is not a penalty for filing past the deadline. You have 3 years to file for a refund. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

How to file a prior year
https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-prepare-a-prior-year-tax-return/00/25...

Did you start an online return last Year? How to finish a prior year online return
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-finish-a-prior-year-return-that-i-...

[mydogmaxiswhite]

So.. If I'm understanding this correctly, I get TT business ($169.99) and then get TT Deluxe ($79.99) for state and Fed.  I do own a home and receive Soc Security.

I can do both online but not file electronically . They all have to be mailed in. Right?

Also, does TT business have the forms to dissolve my S Corp.

Sorry for the rookie questions. Always had my accountant do this for me . He retired and can't find another who I can afford.

Once I get the hang of it I plan to do everything myself in the future.

[VolvoGirl]

For 2018 you can not prepare them online.  You have to buy both the Desktop downloads.  For 2019 returns you can do your personal return online.  But Turbo Tax Business is only a Desktop program.

Yes prior year returns (including 2018) have to be mailed.

[tagteam]

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@mydogmaxiswhite wrote:

Also, does TT business have the forms to dissolve my S Corp.

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You can file a final income tax return (Form 1120-S) for your S corporation with TurboTax Business, but the program does not contain any forms for dissolving S corporations.

In order to actually dissolve an S corporation, you would need to prepare and file Articles of Dissolution with the secretary of state (or other state authority) in the state of incorporation.

Regardless, you should probably seek professional guidance for this matter.

[mydogmaxiswhite]

That being the case, do I have to file my S Corp taxes (2018) along with the Articles of Dissolution or can I just file the S Corp taxes (2018) and then file the dissolution shortly thereafter. Say within 10-15 days.

[tagteam]

@mydogmaxiswhite State law controls precisely when you have to file your articles of dissolution, but you can certainly file your final 1120-S and file the articles thereafter.

Most states (if not all) charge an annual franchise tax and/or expect an annual report so you will definitely want to file the articles with the state before one or the other or both are due.