2942454
My accountant did the taxes, and gave me a 1120-S for loss. (Edited 3/10/21: not single-member)
It seems I can’t use TurboTax Free Edition even though my income was less than 73,000 because it doesn’t handle K-1s. (Please correct me if I’m mistaken.)
From what I read here, I’d need the Premier for online, but only the Deluxe for CD/Download. Is the process much more difficult and less intuitive on the Desktop Deluxe?
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You need to use Premier to enter information from a K-1 if you want to use an online version. You can use any desktop version, including Deluxe.
However, if you have a single-member LLC without an election to be treated as a corporation for federal income tax purposes, then you should not have a K-1 for that LLC; it is treated the same as if you have a sole proprietorship and the income and expenses are reported on Schedule C of your 1040.
You need to use Premier to enter information from a K-1 if you want to use an online version. You can use any desktop version, including Deluxe.
However, if you have a single-member LLC without an election to be treated as a corporation for federal income tax purposes, then you should not have a K-1 for that LLC; it is treated the same as if you have a sole proprietorship and the income and expenses are reported on Schedule C of your 1040.
Sorry, I was mistaken. It’s an S Corporation (The K-1 form I received is 1120-S). Since I don’t have any employees, I assumed it fell under single-member.
Thank you for your help.
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