For a personal return, assuming you will need to report a K-1 you receive from the S-corp, and if you plan to use Online TurboTax, you will need Premier or higher (Self-Employed Edition). If you don’t need a Schedule C or F for any self-employed business or farm, then in an online product Premier would be fine.
What TurboTax do I need for S-corp?
Use TurboTax Business to prepare your S-Corporation tax returns, as well as your two LLC tax returns (multi-member LLC’s). TurboTax Premier and Home & Business will allow you to enter a K-1 as part of preparing your individual income tax return.
How do I enter an S-corp in TurboTax?
From TurboTax Deluxe online edition, you cannot add a S-corporation tax return. To file a business tax return including a S-corporation, you would need to purchase TurboTax Business to complete your filing.
Does TurboTax home and business handle S-corp?
No. You have to use TurboTax Business (different from Home & Business) to file an 1120-S tax return for the S-Corp. Using that program, the S-Corp will issue you a K-1, which you will need for your personal tax return.
What tax forms do I need to file for an S-corp?
If your business has an S-corp tax classification status, you must file form 1120S, which is essentially the annual tax return for your business. Use this form to report deductions, gains, income and losses from the business during the current tax year.
Can I file my own S Corp taxes?
How are S corps taxed? S corps don’t pay corporate income taxes, so there is not really an “S corp tax rate.” Instead, the company’s individual shareholders split up the income (or losses) amongst each other and report it on their own personal tax returns.
How do I file S corp and personal taxes?
File Form 1040
As an S corp shareholder, you pay income tax on two types of income — your salary and your portion of S corp earnings. You’ll often hear these referred to as W-2 and K-1 income, respectively. Both get reported on your personal tax return. Your W-2 income goes on line one of Form 1040.
Can you be an LLC and an S Corp?
For tax purposes, by default, an LLC with one member is disregarded as an entity. … And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
Does an S Corp have to file a tax return if no income?
S Corp owners must file Form 1120-S, U.S. Income Tax Return for an S Corporation. … If you had no income, you must file the corporation income tax return, regardless of whether you had expenses or not. The bottom line is: No income, no expenses = Filing Form 1120 / 1120-S is necessary.