Purchased Partner's Share in LLC in 2022 - Which Product(s) do I Need Moving Forward?

[heldmacm]

Hello,

For several years, I was previously a co-owner in a two person LLC, and my partner was the person who filed the business taxes.  He'd been purchasing Turbo Tax Business each year and would supply me with the K-1 form I'd file with my individual taxes each year.  However, in 2022, I purchased his share of the business and started my own LLC within my state, so I'll now be responsible for filing the same business taxes he previously handled.  There's no one to replace him, as it'll just be me moving forward.

Since this is the first time I've gone through this, I want to make sure I purchase the correct product (or products) for filing both my business and individual taxes.  In the past, I've been able to get away with using the retail version of Turbo Tax Deluxe and entered the K-1 information he supplied me with.  Will I need to purchase Turbo Tax Deluxe AND Turbo Tax Business moving forward, or is there any single product that allows me to file taxes for both my LLC and my spouse and me?  If you need any additional information about the LLC that'd impact which product I need, just let me know.  Thanks in advance for your help.

[Anonymous_ · Accepted solution]

A final 1065 needs to be filed, obviously, but you will not need TurboTax Business going forward if the LLC is now a single-member LLC (i.e., you are now the only member). 

As a result, you can use Deluxe as you used to, assuming (again) that you are using the desktop version.

[heldmacm]

Thanks for the quick response, and that is correct - I am the only LLC member. I mentioned I'd previously used the retail version of Turbo Tax Deluxe, but instead of retail, the word I was looking for was "Desktop", so despite the change in ownership, it sounds like I won't need any additional products beyond what I'm used to purchasing year each.  Thanks again.

[heldmacm]

I was all set to purchase Deluxe (desktop), and this being the first time I'm filing taxes for my new LLC gave me enough pause to double check the information mentioned above.  We know we'll continue to need Business for dealing with the final portion of a year for the old LLC (partnership), but my question concerns the new LLC I formed after the old one was dissolved last year.  A quick Google search suggests that TurboTax Home and Business is the recommended product for single member LLCs, which is what I am, rather than Deluxe.  Even the below link on their website is in line with that:

https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC

Is this a situation where Home and Business is "recommended" because it's the more expensive product but is actually overkill for situations like mine, or is this truly what I need?  I don't have any issue purchasing the more expensive product if it's what I need; I just don't want to have to do pay extra for something that's not necessary anymore than I'd want to purchase Deluxe only to find out it's not the right product and necessitates buying something else.  Thanks again.

[Anonymous_]

Home & Business will provide you with more guidance in the Interview (Step-by-Step) component of the program. Otherwise, Deluxe contains all of the forms you need to complete your return. You can always upgrade from Deluxe to Home & Business.