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officerkc
Returning Member

Wrong version of turbo tax?

Hi All! 

 

Usually my inlaws and I trade off on buying turbo tax (5 free efiles!). They already bought turbo tax (deluxe edition). However, last year was the first year I had ownership in our company (treated as Scorp). I probably need an upgraded version of turbo tax right? Is there a way I can upgrade their version so I don't have to pay for a full version? 

 

Any thoughts would be greatly appreciated.

 

Thanks! 

5 Replies
DoninGA
Level 15

Wrong version of turbo tax?

An S Corp tax return, Form 1120S, can only be completed and filed using the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot be used to complete a personal tax return.

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

officerkc
Returning Member

Wrong version of turbo tax?

The business will be filed with the 1120S, but we receive a K-1 for our personal taxes.  I am talking about my personal taxes. 

DoninGA
Level 15

Wrong version of turbo tax?


@officerkc wrote:

The business will be filed with the 1120S, but we receive a K-1 for our personal taxes.  I am talking about my personal taxes. 


A Schedule K-1 can be entered on any of the TurboTax desktop CD/Download editions.

 

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, 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

officerkc
Returning Member

Wrong version of turbo tax?

Cool. So we will not need to upgrade to premier? I thought I read last year that premier was needed and you couldn't use deluxe. Did that get changed this year? 

DoninGA
Level 15

Wrong version of turbo tax?


@officerkc wrote:

Cool. So we will not need to upgrade to premier? I thought I read last year that premier was needed and you couldn't use deluxe. Did that get changed this year? 


What you were probably reading was for the TurboTax online web-based editions.  Those editions do require the Premier or Self-Employed edition to enter a Schedule K-1.

The desktop editions have all the same forms, schedules and worksheets so any of the desktop editions can be used to enter a Schedule K-1.

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