Can I file both 1120-S and 1040 myself using TurboTax? Is it too difficult?

I'm a tax preparer and while it's definitely possible to do both your 1120-S and 1040 yourself using TurboTax, there are some things to consider. You're correct that you need to complete the S-corp return first because it will generate a K-1 that flows to your personal return. TurboTax Business does a decent job with guided questions for the 1120-S, but you'll need to understand basic business accounting concepts and have your financials properly organized. Make sure you have your income statement, balance sheet, and all relevant business expenses categorized correctly before you start. For someone with a simple S-corp (single employee/shareholder), the process is manageable if you're comfortable with basic business tax concepts. The software will help you through reasonable compensation requirements and pass-through deductions. Just be prepared to spend several hours, especially the first time.

I was in your exact situation last year - single-member S-corp using an accountant for years. I tried taxr.ai (https://taxr.ai) and it made self-filing WAY easier than I expected. The tool analyzed my previous year's returns and broke down exactly what I needed to enter in TurboTax for both my 1120-S and 1040. It even flagged some deductions my previous accountant had missed! The part that surprised me was how it explained each section of my S-corp return in plain English. When TurboTax asked confusing questions about depreciation schedules and asset basis, I just referenced what taxr.ai showed from my prior return. Seriously saved me hours of Google searches and probably prevented some expensive mistakes.

I tried taxr.ai after seeing the recommendation here and it was a game-changer for my first-year S-corp filing! I was completely confused about how to handle my mid-year conversion from sole proprietor to S-corp, but the tool created a personalized checklist showing exactly what I needed to report for the partial year. The guidance on setting up my Chart of Accounts properly in TurboTax Business saved me countless headaches. I was surprised how it flagged potential deductions I hadn't considered - home office, cell phone percentage, even partial business use of my vehicle. The step-by-step instructions for completing Form 1120-S matched exactly what TurboTax was asking. What would've taken me days of research took just a few hours. Definitely using it again next year!

I tried doing both my 1120-S and 1040 myself last year and it was a nightmare trying to get anyone from the IRS on the phone when I had questions. After being on hold for HOURS, I found Claimyr (https://claimyr.com) and they got me connected to an actual IRS agent in under 15 minutes! You can see how it works in this video: https://youtu.be/_kiP6q8DX5c They basically navigate the IRS phone tree for you and call you back once they have an agent on the line. I was absolutely shocked it worked. When I had a question about how to report a specific business expense split between my S-corp and personal return, the agent was super helpful and saved me from potentially making a big mistake.

I'm eating crow right now. After completely dismissing Claimyr as impossible, I tried it last week when I was desperate to talk to someone about an issue with my S-corp filing. I needed clarification on how to handle a specific business asset I purchased late in the year. Within 17 minutes (I timed it), I was talking to a real IRS agent who walked me through the depreciation rules for my situation. The agent even explained how to document the business purpose of the asset to avoid red flags. The time and stress saved was absolutely worth it. I've been trying for WEEKS to get through on my own with no luck. My tax questions are resolved and my 1120-S is finally ready to file.

I filed both my 1120-S and 1040 myself last year using TurboTax. It's definitely doable for a single-member S-corp, but be prepared to spend a whole weekend on it the first time. A few tips that helped me: 1. Have ALL your financials ready and organized before you start. Income statement, balance sheet, bank statements, etc. 2. Do the S-corp return in one sitting if possible. Starting and stopping makes it easy to lose track. 3. Make sure you understand the difference between distributions and salary - TurboTax asks questions about this. 4. Triple check your EIN and SSN on all forms. The most confusing part for me was making sure I properly entered the K-1 information from my 1120-S into my 1040. TurboTax Premium should walk you through this, but pay close attention to this step.

One thing nobody's mentioned - don't forget about state filings for your S-corp! Depending on your state, you might need to file separate state returns for both your S-corp and personal taxes. TurboTax Business handles most state S-corp returns, but the process can be even more confusing than federal. Also, if you do business in multiple states or have nexus issues, self-filing gets complicated real quick. My S-corp operates in two states and I tried doing it myself last year... ended up giving up and hiring an accountant midway through.

I successfully filed both my 1120-S and 1040 myself using TurboTax for the past two years. As a single-member S-corp, it's definitely manageable, but here are some key things that helped me: The biggest challenge isn't the software - TurboTax does a good job with the guided questions. The real work is in preparation. Make sure you have your books reconciled properly before you start. I use QuickBooks and export my P&L and Balance Sheet directly, which saves tons of time. One mistake I made my first year was not keeping proper documentation for business expenses. The IRS wants to see business purpose for everything, especially for home office deductions and travel expenses. Now I keep a simple spreadsheet with receipts and business justification throughout the year. The reasonable compensation issue is real - I research industry salary surveys for my role and document my reasoning. Better to err on the side of paying yourself a bit more in salary than dealing with IRS scrutiny later. Overall, I save about $1,000 annually doing it myself, and I feel much more in control of my tax situation. Just budget extra time your first year and don't wait until the last minute!