I have installed, and I am using, 2024 TurboTax Home & Business to complete my taxes.
I also need to use 2024 TurboTax Business in order to create a 1041 tax filing for an estate (because TurboTax Home & Business will not generate a 1041).
Before I purchase TurboTax Business, I would like to know if both of these versions of TurboTax can be installed on the same computer?
Thank you!
Yes, the 2024 Home & Business personal edition and the 2024 Business Edition can be installed on the same computer.
Yes those two versions of TT can be installed on the same computer, because they are being used for different kinds of tax returns. TT Business is used for a business return; the Home and Business software is used to prepare your personal Form 1040.
This question is related, I purchased Turbotax Home & Business for 2024 because my wife and I started and LLC in June of 2024. The problem I'm having is that Turbotax won't let me file as a Partnership LLC. We didn't make a profit in 2024 nor did we get a paycheck or distribution of any sort. The question is how do I make Turbotax Home and Business recognize the Partnership LLC so we can take advantage of the pass-through for filing our personal taxes?
TurboTax Home & Business is limited to personal Form 1040 tax returns. To prepare a Form 1065 Partnership Income tax return, you will need to use TurboTax Business. This return will include Schedule K-1 that you will use on your personal return to report the pass-through activity.
If your LLC had no activity for the entire tax year, you are not required to file a partnership tax return. However, any expense deductions you incurred during the year would be lost.