Yes, with TurboTax Business (not to be confused with TurboTax Online Self-Employed or TurboTax CD\Download Home & Business), you can prepare tax returns for multiple businesses, even if they are different entity types.
For the types of returns you can prepare with TurboTax Business, click on What types of returns does TurboTax Business handle?
TurboTax Online Self-Employed and TurboTax CD\Download can prepare your personal income tax return and multiple Schedule C's Profit or Loss From Business.
For information on the above two products, click on Should I use TurboTax Self-Employed or Home & Business?
I just want to be sure I understand this correctly. I have two businesses. One is an S-Corp and one is LLC. Both with different names. Can I prepare my S-Corp tax return (1120S) and prepare 1099-NEC with the LLC? I do not do a tax return for the LLC because I add that income on Schedule C personal return. I just want to prepare the 1099-NEC for the LLC business.
You will use TurboTax Business to prepare the S-Corporation return. You can prepare the 1099-NEC for the LLC with either TurboTax Business or TurboTax Self-Employed or TurboTax Home and Business.
If you use TurboTax Business, follow these steps:
You can file up to five Federal tax returns.
See this where it states:
E-file multiple returns
Prepare and e-file up to five (5) federal tax returns at no additional cost. (This is the maximum returns limit set by the IRS.)
See also this TurboTax Help.
What should I do if I have more than 5 business returns to e-file? I actually purchased 2 downloads. Can I use the 2nd license to e-file the 6th business return?
You can e-file up to 5 federal returns per download/desktop version of our products. For each desktop Turbo Tax product you would need to use a different email address. You would create a different username per email address per product used.