I normally file my personal taxes using TurboTax premiere/deluxe. This year I started a business with a friend and we formed an LLC Partnership. I need to file form 1065 I read this can be done through TurboTax business. Do I need to file the LLC separately using turbotax business and my personal taxes using Turbotax premiere/deluxe or can I combine my two filings into one?
Yes to your question.
The "BUSINESS" product is a separate software desktop product from the "Home&Business" or any other versions of the Personal product. Note that the Business product is limited to a Windows version 7 or new desktop configuration.
Wow thanks for such a quick answer. So I need to buy the disk to file Home&Business? I can't use the online portal like I normally do?
The answer is actually NO. You have to use two separate programs. You need Business to do the partnership return. It will not do your personal return.
Yes to his question: "Do I need to file the LLC separately using turbotax business and my personal taxes using Turbotax premiere/deluxe?"
Please also read that I wrote: ""BUSINESS" product is a separate software desktop product from the "Home&Business" or any other versions of the Personal product."
He asked it two different ways in the same question. And judging by his reply back it didn't sound like he understood it.
To prepare a 1065 or separate business return you need to use Turbo Tax Business (not to be confused with Home & Business).
You have to buy Turbo Tax Business as a Desktop CD/Download program and install it on your computer. You do not need the Home & Business version. You can buy Business here, https://turbotax.intuit.com/small-business-taxes/
You can use Premier for your personal return. You can use either the Online Premier or the Desktop Premier.
Just to be clear, I wrote: ""BUSINESS" product is a separate software desktop product from the "Home&Business" or any other versions of the Personal product." and "Yes" to your question "Do I need to file the LLC separately using turbotax business and my personal taxes using Turbotax premiere/deluxe?"
As for where to purchase, I would recommend NOT purchasing from that link as posted as that will be the most expensive retail. In the second week of January, Intuit typically reduces prices across the board for a short time, but the best price for BUSINESS will be found online or in Costco - Costco has always had the best price and then their January coupons just published $15 off their prices for all versions both Personal and Business- see image. The personal product you could use any version of desktop from Deluxe through Home&Business, or, and I don't recommend it, you could use the online but likely have to purchase the more expensive version - frankly they've changed the online market this year, and it is difficult to figure out which version to use.
I've posted images of the current Costco displays that include a state program also. Again, in several weeks, Costco has historically provided a coupon - this year $15 off coupon off these prices. All these versions shown in the images provide BOTH Federal and State programs - as you have to be careful because some stores sell without the state program!
Ok, thanks for clarifying. The Home&Business is a lot cheaper then the Business version. I just need to file a 1065 can that be done through the Home&Business version or does it require the Business version?