Tax Year Prior to 2020: Do I need to submit my personal taxes with the Home & Business edition? I'd like to submit my LLC taxes here (2 owner) and personal taxes separately.

[WKins2]

To prepare and file your business returns you should be using TurboTax Business to get form 1065 (Partnership return): https://turbotax.intuit.com/small-business-taxes/

Once the business return is prepared you will generate a K-1, that needs to be filed on your personal return along with your personal tax documents. You will need to use at least TurboTax Premier to file the K-1: https://turbotax.intuit.com/personal-taxes/online/

[CharlieHathaway]

I bought Home and Business edition because my wife works as a contractor at a Manicurist business and gets a 1099 not a W2. I don't see any option to do our Taxes with Home & Business. If not why is it called Home and Business if it only does Business. I have been using H&R lately and it was much more obvious what to do with their software.

[CharlieHathaway]

Based upon the article you sent me to. Can I get a refund? I will go back to H&R unless you have a better answer for me?

[VolvoGirl]

Yes Home & Business ONLY does personal 1040 returns that need schedule C for self employment.  It has a Business tab but also has Personal Income.  It will take you though the Business tab first but you can jump around and enter your info in any order.  I have the Windows Home & Business program too.  So if you can't find how to enter something  just ask.

1099NEC income is self employment.  To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or any of the Desktop programs. But you will get the most help in the Home & Business version.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

[CharlieHathaway]

I paid for Home & Business to run on my computer at home. I do not want to work on line.

[VolvoGirl]

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@CharlieHathaway wrote:

Based upon the article you sent me to. Can I get a refund? I will go back to H&R unless you have a better answer for me?

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You were responding to a 3 year old post that was about needing to do a separate business return for a LLC. with 2 owners.  That is not your situation.  Your wife has 1099NEC self employment income that is filed on Schedule C in your personal 1040 return.  

[VolvoGirl]

Exactly.  The Desktop installed program is different than the Online browser version (which is called the Self Employed version in the the online version).  The Desktop programs have more features than the Online version.  Did you get Home & Business installed and activated with the 16 digit License Code?  Sometimes people who buy the Desktop program accidentally end up in the Online version instead of their program.  

[CharlieHathaway]

I cant find the "Personal Income" tab in my version. Do they hide it some where or should it be with the other tabs? I only have these tabs: Business Info, Form W-2, Form 1099-Nec, Form 1099-Misc, Analysis, and File

If Home and Business is only for Personal why does it ask me questions about generating W2 form for employees?

It costs more money for self employed than it does for Home & Business?

[VolvoGirl]

Ok I should have told you.  I thought  you might be in the wrong place.  When you start a new return in Home & Business you can do 2 different things.  A regular tax return or you can prepare W2s and 1099s to give to people  you pay.  You need to start over.

Go up to FILE - New Tax Return and pick Start a new individual tax return.  Hang on I'll make you a screen shot.  

[VolvoGirl]

The Windows Home & Business version for 1040 returns looks like this.   Go to the top black menu bar first item File - New tax return and pick start an individual tax return.  

[CharlieHathaway]

I purchased Home & Business about a month ago while on vacation. I don't remember entering the 16 digit code but I may have a month ago. I am running it in Windows 10. How would I have ended up in the on-line version if I launched it from my icon? 

I closed the software that I was running and now the tabs make more sense: Personal Info, Business, Personal, State Tax, Review, File.

It is getting late I will continue another day.

Thank you for the help.

Hopefully it will make more sense when I try again

Charlie

[VolvoGirl]

Good night.  Sounds like you made some progress.  Just keep posting questions.  I'll probably be around  to check on you.  Good Luck.  It takes some learning but it is easy once you get going.