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Hi all, I recently started a LLC that elects to be taxed as an S Corp this past year. We incurred expenses but are not operating yet. What version of TT should I choose?

The LLC has 3 members. We want to be able to carry over our losses to the individual tax returns. So we likely need a recommendation to a) file for the LLC and b) file for the individuals
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Hi all, I recently started a LLC that elects to be taxed as an S Corp this past year. We incurred expenses but are not operating yet. What version of TT should I choose?

To file the LLC Business return you need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

 

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

 

Then to do your personal returns you will need to use either the Online Premier or Self Employed version if you have any other self employment income,  OR any of the Desktop CD/Download programs.  All the Desktop programs have the same forms.

 

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