Regualr W2 forms + Single member LLC

Forum|Forum|4 years ago
January 15, 2022
1 reply
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Hi, my wife and I both work full time and will get W2 form, respectively, and meanwhile, I also opened a single member LLC in 2021. We will use joint-tax filing. In this case, will Turbotax Home&Business version cover our tax situation this year in terms of Schedule C, etc.

Thanks.

xmasbaby0

Level 15

Yes the desktop Home and Business can be used for your W-2 incomes and for the self-employment income.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Critter-3

Level 15

ALL of the downloaded programs can handle ALL forms/situations ... only the ONLINE version requires the Self Employed version. Needing to upgrade the downloaded program is a common misconception that TT promotes to push a higher priced version. A few years ago they tried to REQUIRE the upgrade of the downloaded version just like the online program but this was met with great resistance and anger so they quickly reversed the process.

Note the word "recommended" but not required for the downloaded version so if you are comfortable entering in the information needed you do NOT have to buy the most expensive program.

Downloaded/CD version here:

https://turbotax.intuit.com/personal-taxes/cd-download/

You can also purchase the CD/download from various retailers such as Costco, Amazon, Walmart, Best Buy, Staples, Sam’s Club, etc. etc. etc.

This link Where can I obtain authentic TurboTax software? has a list of authorized TurboTax resellers.

Please be careful about being in too much of a hurry to file your next tax return. Many tax forms are not available at the very beginning of the tax season, so you have to wait for your forms. The software still needs updates at the beginning of the tax season.

Although the software will allow you to e-file in early January, the IRS does not begin to accept the e-files until almost the end of the month. So your return just sits on the server. If you realize that you made a mistake or left something out—as many people do—you cannot change it.

Every year we see people who are in such a rush to file that they file incorrectly and incompletely. If you file too early and leave out a W-2 or a 1099, or forget to enter information, you will end up having to amend your tax return---and that takes months. Employers have until the end of January to issue W-2's----and ALL of your 2021 W-2's have to be on the same tax return. Many of the 1099's and 1098's you need do not arrive until late January or sometime in February. If you are getting Earned Income Credit or Additional Child Tax Credit, the IRS is going to hold your refund until the end of February no matter how early you file. There seems to be a greater chance of "early" returns being reviewed and those refunds are delayed, or early returns are more often subject to identity verification--which will also delay processing. Filing too early may just be a recipe for a delayed refund. It might go more smoothly for you if you wait until at least mid-February to file instead of e-filing during the first minute that you can do it.