My wife and I were married this year and also formed an LLC this year. We will file jointly and as a partnership. We use Quickbooks Online Simple Start for our accounting.
To file personal 1040s as well as Partnership returns, will we need to purchase two different Turbo Tax subscriptions, one for 1040 and another for the Partnership?
If so, which version of Turbo Tax would we need...there are so many products that it has us thoroughly confused?
Thanks for any advice.
Yes you need a personal version and the Business program. For your personal 1040 return you can use either the Online web version or buy the CD/Download Desktop program. For Online you would need to use Premier or higher here, https://turbotax.intuit.com/personal-taxes/online/
For the Desktop program you can use any version. All the Desktop program have the same forms, you get more help and guidance in the higher versions. If you need a state do not get Basic. Get Deluxe or higher here,
For the Partnership you need Turbo Tax Business. 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.
So there is no way for business owners to file business taxes from the Mac platform?
Intuit is really dropping the ball in so many ways. Why would they even sell business subscriptions like Quickbooks Online to small business owners only for users to find out at the end of the year that their Quickbooks software doesn't even integrate with Intuits' own tax preparation software (TurboTax) even though the less expensive Quickbooks Self-Employed online suite does offer TurboTax integration???
So for Quickbook Online customers using the Mac platform, in order to have Quickbooks accounting data integrated into TurboTax you merely need to buy Quickbooks Desktop, buy a Windows computer and then buy two versions of Turbotax Software. What a headache!