1120S s-corporate return

I do not appreciate being bated to start for free a Deluxe Edition return, and then later after doing a topic search for the 1120S s-corporation form I am required to file, I am now suddenly told from the topic search that I am now required to be switched or "upgraded" to TurboTax Business based on this answer:

Recommended answer


Form 1120S is used to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation. An S Corporation does not pay tax on its income but “passes through” any profits or losses to its shareholders on a Schedule K-1.

If you have an S corporation business and need to report your corporate income, see TurboTax Business - Easily Prepare and File Your Business Taxes.

My current required filing fee "IF and only IF" I actually file my personal 1040 taxes this year with TurboTax is $29.99.

If I proceed with filing my 1120S corporate tax return here, this is saying that after I was bated with starting a $29.99 return for free, that I must now be switched up to a now minimum $74.99 fee for TurboTax Business in order to even access the 1120S form????

THAT is precisely BATE and SWICH theft, stealing, legalized fraud, absolutely underhanded business practice, and false advertising - All TurboTax customers - BEWARE! Quite frankly, there should be a law again bating me and switching me like that for an additional $45.00 fee, I don't care who is doing the selling!!!!

For your protection - anyone who is reading this - PLEASE, please look before you click!

Thank you.

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TurboTax IanM

Moderator
    •  
    Hi pipsforheaven,

    I'm sorry that you feel misled - that is certainly not our intent. In the selection tool on TurboTax.com that picks which version of the program is most appropriate, there is a box to select that you are a business owner. If you clicked on that, it should have sent you directly to a more elaborate version - Deluxe is definitely not the right product for reporting S-Corp information.

    If you are willing to give TurboTax Business a try, I think you will find that it does a great job of helping you through the process of filing everything you need for you business, and getting you the best possible set of credits and deductions.

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    pipsforheaven

    • You DO NOT have authority to edit my message!!!

    (personal info removed)

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    TurboTax IanM

    Moderator

    Hi Matthew,

    I'm very sorry that you were upset by the removal of your name and web site address. I hope you will recognize that we removed that information out of concern for your privacy,and not for any other reason. Because taxes contain so much detailed information that can be easily misused in the wrong hands, we have a pretty strict set of guidelines for our agents and employees when it comes to removing personally identifiable information that our customers may post unintentionally. We do that simply to protect the integrity of our customers' data - even when they are upset with us.

    If there is anything I can do to help you have the best possible experience with your taxes this year, please let me know!

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    pipsforheaven

    • As I said, we are a Limited Liability Company multimember that is taxed as an S-Corporation.
    Our section 475f Ordinary Income from our forex trades MUST BE DECLARED on our personal 1040 returns on form 4797, and counted as taxable income.
    Given that fact, WE ARE NOT PERMITTED by our mutual IRS friends to not file form 1120S each tax year as our official corporate return.
    Thank you!
    -Matthew

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    pilotgal8996

    My apologies Matthew for missing your 'multi-member' classification.

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    TurboTaxKristenJ, Enrolled Agent - Tax Expert

    TurboTax TaxPro

    • I know this does not apply to you Matthew, but I felt I should clarify what pilotgal8996 was saying about being a "single member" entity.  If someone is a Limited Liability Company that has a single member, then they would be considered a "disregarded entity" for federal purposes and the single member would file their return using a Schedule C as part of their personal return.  However, if a single member LLC has elected to be treated as an S-Corporation, (or simply started out as an S-Corp with one member), this truly is a separate entity and would need to file an 1120S to the IRS and the net income is reported to the member via a K-1 for their personal return.  The member could also receive a salary and get a W2 from the S-Corp.

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    pipsforheaven

    • Yeah, as much as it would be cool to hire employees, hand out schedule K-1's, hand out W-2's, and provide employee health plan minimum coverage - we're okay with running our own trades Spot FOREX swing trend trading, not having employee cost, and not paying for employee minimum healthcare and minimum penalties that pay into publicly funded abortion-providing, abortifacient-drug-providing, and reproductive-organs-sterilizing drug providing healthcare plans designed to slowly kill us off through unnatural, unholy, artificial means by the deaths of our children.

    Today (Sunday, January 19th, 2014) sadly observes and marks the Evil Victory, from Foulest and Darkest Pit of Hell, the anniversary of the Roe versus Wade 1973 tragedy for Satan and his Followers - 65 million deaths of our own real American people and counting because of pushing a "pro-choice" "right" okay to kill a "clump of cells" instead of what is a baby!

    YOU WEREN'T THERE AT THE PRO-LIFE RALLY — OR WERE YOU THERE TO FEEL THE POUNDING OF THE DEATH TOLL BELL OF 65 MILLION DEAD CHILDREN, MEN, WOMEN, BROTHERS, AND SISTERS — THAT DAY TO HEAR THE BELL OF DEATH TOLL 41 TIMES, AND EACH STATE DROPPED OFF THE MAP INTO OBLIVION UNTIL THE TOTAL NUMBER OF DEAD BABIES REACHED 65 MILLION – MY HEART POUNDED AT EACH OF THE MILLION WITH EACH POUNDING OF THE BELL — I BOWED MY HEAD — THE ONLY THING I CAN THINK OF TO DO IN THE PRESENCE OF SUCH HORRIFIC MASTER MINDED ABSOLUTE EVIL GROUNDED IN OUR OWN UNNATURAL APTITUDE TO MORTAL SOUL-KILLING SIN, AND I WEPT BITTERLY AS MY SUNGLASSES FOGGED UP ONCE AGAIN THIS YEAR — AS EACH OF THE UNNAMED MILLION DEAD BABY'S SOULS WERE SENT TO HELL — MOST LIKELY THE FIRST LEVEL OF HELL INSTEAD OF PURGATORY BECAUSE OF NOT BEING YET BORN, NOT BEING YET NAMED, NOT BEING GIVEN THE CHANCE TO BE LOVED, BUT STILL BEING CREATED/CONCEIVED WITH THE STAIN OF ORIGINAL SIN — CONSIGNED FOR A TIME TO THEIR ANNIHILATION AFTER THEIR DEATHS TO A SECOND DEATH TORMENTED EXISTENCE AS THE REST OF US DESERVE BECAUSE OF OUR MORTAL SOUL-KILLING SIN — TO THE DEVIL AND HIS FOLLOWERS TO DO WITH AS THEY PLEASE UNLESS EACH OF US OR THEIR MOTHERS REALLY, REALLY, REALLY PRAY FOR THEIR SOULS, GIVE EACH OF THEM IDENTIFYING NAMES SO WE CAN LOVE THEM AND PRAY FOR EACH OF THEM BY THEIR GIVEN NAMES — INSTEAD OF BEING THE LOST, UNNAMED, UNKNOWN, UNLOVED 65 MILLION DEAD BABIES THAT HAVE NOT BEEN SAVED BECAUSE WE WITH DID NOT PRAY FOR THEM WITH US TO OUR LORD AND SAVIOR JESUS CHRIST IN HEAVEN AT THE RIGHTHAND OF GOD THE FATHER AND OUR MOST HOLY LOVING MOTHER MARY ALSO IN HEAVEN!!!!

    This is a proudly a Catholic small bean-patch company PIPs for Heaven, LLC - we will not condone or support feminist loving, tree hugger embracing, male chauvinist accusing, or Obama lover electing - behavior, idolatry, or their healthcare plans - they can keep them! We are Conservative Christian and proud to show it! Ah Men!

    -PIPs for Heaven, LLC