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tommy8849
Level 3

Should I use Turbo Home and Business or business? I had two jobs and I sold as a small business on ebay. Should I get turbo which one?

 
2 Replies
rjs
Level 15
Level 15

Should I use Turbo Home and Business or business? I had two jobs and I sold as a small business on ebay. Should I get turbo which one?

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.

Carl
Level 15

Should I use Turbo Home and Business or business? I had two jobs and I sold as a small business on ebay. Should I get turbo which one?

Sounds like you need Home & Business. TurboTax Business is for completing a tax return for a non-living, non-breathing separately taxable entity such as a partnership, multi-member LLC, S-Corp, C-Corp, Estate and Trust. TurboTax Business does not include IRS Form 1040 in any way, shape or form.

IF you are self-employed and you are the ***ONLY*** ***OWNER*** of your business, then you need to file a SCH C with your personal 1040 tax return. Any version of the CD/Desktop flavors have the SCH C in them. But if you will be using the online version of TurboTax, then you *must* use the more costly TurboTax 2019 Self-Employed.

 

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