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posted Mar 23, 2020 8:44:59 AM

What version of TurboTax should I use? I need to complete the taxes of a complex trust that owns a sole proprietorship LLC. Please advise.

TurboTax Business is recommended for trusts but does not cover the schedule C questions for the sole propriatorship LLC.  TurboTax Home & Business and TurboTax Premier is recommended for sole proprietorships LLCs but does not ask questions for the complex trust.

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Level 15
Mar 23, 2020 8:49:36 AM

@rkrbaker wrote:
TurboTax Business is recommended for trusts but does not cover the schedule C questions for the sole propriatorship LLC.  TurboTax Home & Business and TurboTax Premier is recommended for sole proprietorships LLCs but does not ask questions for the complex trust.

Schedule C is supported in TurboTax Business (in the trusts/estates - 1041 - module). 

 

However, you need to prepare Schedule C in Forms Mode in the program.

 

You need a personal income tax preparation program to prepare your individual income tax return since TurboTax Business only supports preparing income tax returns for entities.

1 Replies
Level 15
Mar 23, 2020 8:49:36 AM

@rkrbaker wrote:
TurboTax Business is recommended for trusts but does not cover the schedule C questions for the sole propriatorship LLC.  TurboTax Home & Business and TurboTax Premier is recommended for sole proprietorships LLCs but does not ask questions for the complex trust.

Schedule C is supported in TurboTax Business (in the trusts/estates - 1041 - module). 

 

However, you need to prepare Schedule C in Forms Mode in the program.

 

You need a personal income tax preparation program to prepare your individual income tax return since TurboTax Business only supports preparing income tax returns for entities.