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Visitor III

Turbo Tax Business 2017 Tax Return & Turbo Tax Personal Return

I completed my 1120 S, 2017 Business Tax Return.  I used Turbo Tax Business 2017. 

 

What is the appropriate Turbo Tax Personal return product to use?

It would seem that Turbo Tax would allow import of my 1120 S to my Personal return, as any gains or losses are to flow to the personal return anyway.  Will Turbo Tax Business and Turbo Tax Personal products work together and import my information for the business portion? 

 

Turbo Tax Personal is asking me about income and expenses I've already completed in the 1120 S.  This seems redundant and unnecessary to me. 

2 Comments
Member II

Turbo Tax Business 2017 Tax Return & Turbo Tax Personal Return

You do not enter income or expenses related to the S Corp in your personal return.  You enter only the k-1 that is generated for you when you prepare the S Corp return.  That entry requires the use of TurboTax Premier online or TurboTax Deluxe CD/Download versions. 

 

Unfortunately, the k-1 will not import from the business to the Personal product, but k-1 entries are usually not too time consuming.

Member II

Turbo Tax Business 2017 Tax Return & Turbo Tax Personal Return

If you also have a W-2 or 1099-MISC issued to you by the S Corp, those would be entered separately from the k-1, just as though you received them from any other company.