Can I upgrade TurboTax Premier to include TurboTax Business?

[blb1961]

My wife and I have entered our 2024 tax information using TurboTax Premier but we have one outstanding item. I created an LLC during 2024 and need to fill out Form 1065 and create a K-1. I am the only employee for the business so data entry should be straightforward. From what I read online I need TurboTax Business to fill out Form 1065 and create a K-1. Can I upgrade TurboTax Premier to include TurboTax Business? Or do I need to purchase TurboTax Business separately, create the K-1, and then enter that data into Premier? Or something else? Thanks.

[VolvoGirl]

Sorry you need to buy Turbo Tax Business separately (not to be confused with Home & Business).  Then you will get a K-1 to enter into your personal return.

You will need Turbo Tax Business for Windows.   It is not available to do online or on a Mac.  And it will not do your personal 1040 return.  You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's Business program here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

Oh, are you sure you need to file a 1065 and not a 1120-S for a Single Member LLC?   A 1065 is for a Partnership return or multi member LLC.  

[blb1961]

Thanks for the detailed reply. Sounds like I need to purchase TurboTax Business and I need to  file an 1120-S for a Single Member LLC and not a 1065. Thanks for your help. 

[VolvoGirl]

Is your Single Member LLC an S corp?  If you didn't elect it to be an S corp it is a disregarded entity and you file it on Schedule C in your personal return.  You don't get a K-1 for that.  You can use Desktop Premier to fill out schedule C.    Better figure out what kind of business you actually have.