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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6245
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Which Turbo Tax personal product should I use if I need to

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Which Turbo Tax personal product should I use if I need to report income or loss from an S Corp?

I set aside this weekend to do my personal income taxes for 2012. This should be a question for Turbo Tax but they are not available on weekends. I spent an hour trying to get the answer on their website. I think I need to use Turbo Tax 2012 for Home and Business but they do not mention corporate income - only sole proprietership income and 1099 income.

As soon as I am 100% sure of what personal Turbo Tax product to use I should be able to download it immediately so I can make use of this weeken.

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

You aren't talking about doing an S-Corp return, correct?

Stephen G. :

You wouldn't need Home & Business just to report income from an S-Corp.

Customer:

I have already prepared my S corp tax return.

Customer:

This would be for personal filing only and I would need to report just the income from the S Corp.

Stephen G. :

What else is on your individual return? Any Schedule C or Schedule E for rental property?

Customer:

Nothing. For 2012 my sole income was from the S Corp.

Customer:

Just mortgage interest would be deducted.

Stephen G. :

OK, I haven't gone to the website to get the exact name, but the version that accommodates Itemized Deductions will be fine to be able to record S-Corp income also.

Customer:

In other words any version that includes form 1040?

Stephen G. :

that includes 1040 w/itemized deductions

Customer:

Ok thanks. I think I should be able to take it from here. You have been very helpful.

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