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midway_monster
Level 1

Which TurboTax Package?

My wife is a realtor with an S-corp and I have a public safety job. Will the TurboTax Business package handle both of our combined income sources? I would like to make sure one package can manage this before I dump my expensive CPA.  Thanks!

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RobertG
Expert Alumni

Which TurboTax Package?

You will need TurboTax Business to file a return for an S-Corp.  To file your personal returns and report an S-Corp you will need TurboTax Premier either online or desktop.

 

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5 Replies
DoninGA
Level 15

Which TurboTax Package?

The Business Edition is used to complete and file a S Corp tax return, Form 1120S.  The Business Edition cannot be used to complete a personal tax return, Form 1040.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online - https://turbotax.intuit.com/small-business-taxes/

 

For personal tax returns you will need to use either the online or desktop editions.  If you use the online editions then you will need to use either the Premier or Self-Employed edition since those editions support entry of a Schedule K-1 from the S Corp.  If you use the desktop CD/Download editions, then any of those editions can be used.

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

TurobTax desktop CD/Download - https://turbotax.intuit.com/personal-taxes/cd-download/

midway_monster
Level 1

Which TurboTax Package?

Thanks for the info.  So, just to verify, I could use the Premier or Self-Employed editions and they will allow me to complete my personal tax return as well as my wife's S-Corp?

DoninGA
Level 15

Which TurboTax Package?


@midway_monster wrote:

Thanks for the info.  So, just to verify, I could use the Premier or Self-Employed editions and they will allow me to complete my personal tax return as well as my wife's S-Corp?


No, not the S Corp tax return Form 1120S.  You must use the Business Edition to complete the S Corp tax return.

The Schedule K-1, which is generated by the S Corp, is to be entered on your personal tax return.

The Business Edition and the personal editions are totally separate programs.

RobertG
Expert Alumni

Which TurboTax Package?

You will need TurboTax Business to file a return for an S-Corp.  To file your personal returns and report an S-Corp you will need TurboTax Premier either online or desktop.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
midway_monster
Level 1

Which TurboTax Package?

Thanks for all the help everyone!!

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