You have to use Turbo. Tax 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.
The most usefull answer is, you should be able to use Free or Basic Live. Here is a listing of forms for each version. If you are using desktop, you will need Deluxe.
Do I need TurboTax free edition if I have a W-2?
If you only have a W-2 from work and various Form 1099s, you may only need the Turbo. Tax Free Edition.
Can I use TurboTax to prepare my S-corporation tax return?
, use turbo Tax Business to prepare your S-Corporation tax returns, as well as your two LLC tax returns (multi-member LLC’s)., turbo Tax Premier and Home & Business will allow you to enter a K-1 as part of preparing your individual income tax return.
A frequent inquiry we ran across in our research was “What is an S corporation tax form?”.
The S corporation has a responsibility to file an informational income tax return each year as well as a range of other IRS forms. An S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax on it.
What kind of income can I expect to get from TurboTax?
I’ll have stock trade income, and bank interest income, and regular work income. , the turbo Tax online Free edition is used for fairly simple tax return and supports IRS Forms 1040EZ and 1040A.
How much does TurboTax pay for itself for self-employment?
Pays for itself (Turbo. Tax Self-Employed): Estimates based on deductible business expenses calculated at the self-employment tax income rate ( 15.3% ) for tax year 2020. Actual results will vary based on your tax situation.
How much does it cost to file taxes with TurboTax?
Try for Free/Pay When You File: Turbo. Tax online and mobile pricing is based on your tax situation and varies by product., turbo Tax Free Edition ( $0 Federal + $0 State + $0 To File) is available for simple tax returns only and has limited functionality; offer may change or end at any time without notice.
Some think that TURBOTAX ONLINE/MOBILE Try for Free/Pay When You File: Turbo. Tax online and mobile pricing is based on your tax situation and varies by product. $0 federal (for simple tax returns) + $0 state + $0 to file offer only available with Turbo. Tax Free Edition; offer may change or end at any time without notice.