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gofaster94
New Member

Does turbo tax business work for real estate agents and all of our business expenses?

 
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Accepted Solutions
Critter
Level 15

Does turbo tax business work for real estate agents and all of our business expenses?

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). 

 

If you have a 2+ members in your LLC, then the business defaults to be taxed as a Partnership and needs to file form 1065, which you can do with TurboTax Business. You'll give each member a schedule K-1 (1065), which you'll need to enter with your personal return, this year in TurboTax Premier.  

 

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. 

You can access the TurboTax Business software here and compare the personal product here: https://turbotax.intuit.com/personal-taxes/compare/online/

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3 Replies
Critter
Level 15

Does turbo tax business work for real estate agents and all of our business expenses?

 
Critter
Level 15

Does turbo tax business work for real estate agents and all of our business expenses?

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). 

 

If you have a 2+ members in your LLC, then the business defaults to be taxed as a Partnership and needs to file form 1065, which you can do with TurboTax Business. You'll give each member a schedule K-1 (1065), which you'll need to enter with your personal return, this year in TurboTax Premier.  

 

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. 

You can access the TurboTax Business software here and compare the personal product here: https://turbotax.intuit.com/personal-taxes/compare/online/

View solution in original post

Carl
Level 15

Does turbo tax business work for real estate agents and all of our business expenses?

TurboTax business is for completing and filing a tax return for a non-living, non-breathing separately taxable entity.  It contains:

IRS Form 1065 - Partnerships/Multi-member LLCs

IRS Form 1120 - C-Corporation return

IRS Form 1120-S - S-Corporation return

IRS Form 1041 - Estates and Trust return.

TurboTax Business can not be used to file a personal 1040 tax return of any type, as it does not contain the IRS Form 1040 of any type.

 

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