Is your small business a sole proprietorship, qualified joint venture, single-member LLC, multi-member LLC, partnership, S corporation, or C corporation? If it's any kind of LLC, has the LLC filed Form 8832 to elect to be treated as a C corporation or Form 2553 to elect to be treated as an S corporation for tax purposes?
If it's a sole proprietorship, qualified joint venture, or a single-member LLC that has not elected to be taxed as a corporation, then you need TurboTax Home & Business. You report the business on Schedule C included in your personal tax return.
If the business is a multi-member LLC, partnership, S corporation, C corporation, or any LLC that has elected to be taxed as a corporation, then the business has to file its own tax return, separate from your personal return. A multi-member LLC or partnership files Form 1065. A corporation or an LLC that elected to be treated as a corporation files Form 1120 for a C corporation or 1120S for an S corporation. You need TurboTax Business (which is a different product from Home & Business) for any of these separate business tax returns. But TurboTax Business cannot be used for your personal Form 1040 tax return, so you also need TurboTax Home & Business, or one of the other personal versions of TurboTax, for your personal tax return.
