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hello, i filed my taxes with turbotax last year, now, i am confused what to get, turbo tax home and business or business (llc). I have 2 businesses, sole proprietorship for my daughter-no properties- and one LLC for me with properties rentals for me and partner. what to choose here? do i have to buy one software for every business?? help! we are all in california.
Yes, you will need to make two software purchases. Need a Turbo Tax home and Business to report your sole proprietorship and personal return. Turbo Tax business to report your LLC because you have two partners and need to issue K-1's for both partners. The good news is that the K1 you generate from your business partnership return will be reported on your personal return.
thanks, are you sure, i think in 2020, for 2019 taxes I bought cd turbo tax business and then to file state, I think the system told me to pay $50 or so to file state, is that right? or I have to buy turb tax home and business?
Also, to file for different people, for me, wife, daughter different social sec. #s. I guess it is worth buying CD turbo tax business (5filings here, but I am only with llc company) and if I buy turb tax home and business for sole proprietorships (wife and daugher sole proprietorships only.) But for me that I have llc with partners, i still can use this program for state filing?? or what would be the strategy here to buy software's? I don't mind mailing paperwork!
You are going to need TurboTax Business for your partnership. That program will generate K-1 for each partner to file with their personal returns. And the K-1s as well as your wife and daughter's sole proprietorships can be filed using TurboTax Home & Business. The Home & Business desktop version will allow you to e-file multiple returns.
TurboTax Business (only files business returns) will file your 1065 partnership return and Home & Business (only files personal returns) will file all of the personal returns for your family.
Sole Proprietorships do not need to file a separate business return like partnerships do, they file Schedule Cs through the personal tax return. @californianewllc
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