Can you use TurboTax for an S Corp?

Can you use TurboTax for an 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.

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.

Can I still file my 2016 taxes electronically?

Yes, you can file an original Form 1040 series tax return electronically using any filing status. Filing your return electronically is faster, safer and more accurate than mailing your tax return because it’s transmitted electronically to the IRS computer systems.

What TurboTax do I need for an S corporation?

To prepare a return for your S-Corp. (1120S) you need TurboTax Business.

How does S-Corp affect personal 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 does S corp affect personal taxes?

Can you switch from LLC to S corp?

Converting your LLC to an S-Corp when filing your tax return for tax purposes can be a complicated process, but it is possible. You can submit the documents necessary to convert your LLC to an S-Corp for tax purposes along with your tax return.

How does S Corp affect personal taxes?

What is TurboTax business?

TurboTax Business is for filing small business tax returns, including C and S corporations, partnerships, estates, trusts, and multi-member LLCs. Single member LLCs that have elected to file as a C or S corporation can also use TurboTax Business. Sole proprietors and single-member LLCs…

Is Turbo Tax legit?

Yes. Turbo Tax is a legit American income tax preparation software package. It is the most popular and widely used tax software in the country. Many consumers use it since several years to file their annual tax returns. The free version of Turbo Tax does not take any portion of your return.

Where can you buy Turbo Tax?


  • Walmart
  • Staples
  • Best Buy
  • Shoppers Drug Mart (in store purchase)
  • London Drugs (more editions in store)
  • The Source (in store purchase)
  • Amazon
  • What is Turbo Tax?

    TurboTax is an income tax preparation software that allows individuals to calculate and file their federal and state income taxes by themselves. It is the No. 1-rated tax software and promises to to “get you your biggest tax refund — guaranteed” in as few as eight days.