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Returning Member
posted Feb 3, 2021 10:49:55 AM

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! 

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5 Replies
Level 15
Feb 3, 2021 10:52:56 AM

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/

Returning Member
Feb 3, 2021 10:58:25 AM

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. 

Level 15
Feb 3, 2021 11:33:37 AM


@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

Returning Member
Feb 3, 2021 11:48:22 AM

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? 

Level 15
Feb 3, 2021 11:51:28 AM


@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.