Do I need Turbo Tax Business?

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Which version of TurboTax you use in this case would depend on what type of business you have.

To file a return for a corporation (Form 1120), S corporation (Form 1120-S), partnership/multi-member LLC (Form 1065), or homeowner association (1120-H), you'll need TurboTax Business to file for your business taxes. You'll then need to submit a 1040, 1040EZ, or 1040A for your personal taxes.

However, if you're in business for yourself and haven't incorporated or created an LLC, use TurboTax Self-Employed instead. This program will prepare the Schedule C for your business as well as the right 1040 form for you.

You do not need a profit to file your business returns with Self-Employed. The interview should guide you entering income and expenses, but if you need any additional guidance, please comment back.