Turbo Tax For S Corp

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Investing.Newbie
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Turbo Tax For S Corp

Post by Investing.Newbie » Wed Feb 06, 2019 12:22 pm

I own a single person S-Corp. I was wondering if I can file my returns using Turbo Tax. Has anyone done this before. If so will you recommend it over a CPA ? My business set up is pretty straight forward.

Thanks !

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tfb
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Re: Turbo Tax For S Corp

Post by tfb » Wed Feb 06, 2019 1:05 pm

Personal return, yes. Business return requires a separate TurboTax Business package. If you use H&R Block software instead, its Premium & Business edition does both personal and business returns, at a cost comparable to TurboTax software for personal only.
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JGoneRiding
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Re: Turbo Tax For S Corp

Post by JGoneRiding » Wed Feb 06, 2019 1:29 pm

or you can turbo tax home and business. Which shocker is designed for both regular and business!

learningLady
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Re: Turbo Tax For S Corp

Post by learningLady » Wed Feb 06, 2019 1:47 pm

I did it last year and was happy. I have single owner S-Corp. Was fed up with CPA's
I did not compare HR or any other software.

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tfb
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Re: Turbo Tax For S Corp

Post by tfb » Wed Feb 06, 2019 1:56 pm

JGoneRiding wrote:
Wed Feb 06, 2019 1:29 pm
or you can turbo tax home and business. Which shocker is designed for both regular and business!
Despite its name, TurboTax Home & Business doesn't do 1120S, the tax return for the S Corp.
Harry Sit, taking a break from the forums.

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White Coat Investor
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Re: Turbo Tax For S Corp

Post by White Coat Investor » Wed Feb 06, 2019 2:03 pm

tfb wrote:
Wed Feb 06, 2019 1:56 pm
JGoneRiding wrote:
Wed Feb 06, 2019 1:29 pm
or you can turbo tax home and business. Which shocker is designed for both regular and business!
Despite its name, TurboTax Home & Business doesn't do 1120S, the tax return for the S Corp.
This is true.

That said, for a simple corporation, I think it is way easier to do the corporate return by hand than the personal return.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

Spirit Rider
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Re: Turbo Tax For S Corp

Post by Spirit Rider » Wed Feb 06, 2019 2:20 pm

I hate to sound like a broken record, but...

I do not recommend individuals with pass-thru businesses who qualify for the QBI deduction file just yet. Most software companies are giving 2/15 - 2/20 as the likely date for their full QBI updates. Personally, I wouldn't file prior to 3/1 and then only after it has been 100% verified that their tax software is calculating this correctly.

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