Yes, you can use TurboTax to file your taxes for both your business and personal taxes. Use TurboTax Business to prepare your S-Corporation tax returns, as well as your two LLC tax returns (multi-member LLC's).
TurboTax Premier and Home & Business will allow you to enter a K-1 as part of preparing your individual income tax return.
How many Turbo Tax versions do I need to buy to prepare an S-corp, LLC and 4 individual tax returns?
Two. You will need one Business return for the Corporation and Partnership (LLCs) and one personal program.
Both TurboTax Online Premier and Self Employed will handle the K-1, but if there is a 1099-Misc that also has to be included, you will need Self-Employed.
What hasn't been addressed here, are the LLC's which you state are owned by the S corp, single member LLC's?
This is an important factor.
The LLC is a multi member for a rental property. I just purchased Turbo Tax Business. Which other version do I need to purchase to complete 4 individual returns for family members? Some will have K-1's from the S-corp and the LLC. Thank you.
Also one of the individual tax returns has a Schedule C for a construction business.
So to understand which products I need..
I own an s-corp so I know that I need the "Business" program to download to get the 1120s and the schedule K-1.
But for my personal returns, which one? Deluxe, Premier or Self-employed?
It looks like the self-employed option is for self-employed who receive 1099s, which isn't my case. We get W-2 from our business.
We also want to itemize because we own a home, etc.
Thanks in advance!!
If you use the Online version you will need to use Premier to enter a K-1 from the LLC or S corp.
You can buy any Desktop program. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
"You just get more help and guidance in the higher versions. " - you mean on the online versions with "LIVE", etc., right?
So Premium would be better I guess
No. I meant if you buy the Desktop CD/Download program you can buy any version but you get more help inside the program in the higher versions. LIVE is only available in the Online web version. And you need to use a higher version to enter certain things like you need Premier to enter K-1.
So it sounds like you need to buy separate versions for submitting personal vs. a business? You can't buy the highest version and then just use twice? I full own topmarq, a c-corp, but normally have to do the 'self-employed' version of turbotax anyways because I worked out of the country for a bit. So can i just buy one or does it keep the personal separate. Thanks! Sorry for thread jacking, just seemed pretty close to my question.
Yes sorry. You need to buy the separate Business program (not the same as Home & Business) in addition to a personal version. Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
How have you been doing your C corp taxes? Is this the first year? If you haven't done a Business return before you should go to an accountant and get it set up right.
gotcha ok that makes sense! Thanks for confirming and yes it will be my first year, so that makes sense. I will check out first with an accountant. Appreciate the help!
Hi, I own s corp at 100% which my wife and I received W2 from it. For 2020 filing, is there any Turbotax program that I can use to file both S corp tax (1120s) and individual? if yes, what is the name? Self Employed?
If not and if I have to buy 2 separate programs, which ones should I buy? are they both online version?
Thanks!
Sorry you will need 2 programs. The Business program and a personal version. For your personal return you can use either the Online Premier or Self Employed Version. The online Self Employed version is for personal returns that need Schedule C for self employment income (not S corp). Or buy any of the Desktop CD/Download programs for Windows or Mac. All the personal Desktop programs have the same forms, you get more help in the higher versions.
You can start an Online return here,
https://turbotax.intuit.com/personal-taxes/online
You can buy the personal Desktop CD/Download program now here,
https://turbotax.intuit.com/personal-taxes/cd-download
For the S corp you will need to use Turbo Tax Business.
TT Business is not available to do online or on a Mac. You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes
Window System Requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-windows-software/00/26175
Can anyone confirm that if you have a K-1 you cannot use TurboTax Basic? Some say it has all the forms, but this thread seems to suggest you must have Premier if you have a K-1 from owning an S Corp.
TurboTax basic DOES have all the forms in the program. However, you would not be able to use the interview mode to enter your K-1, you would have to go into forms mode, find the form and properly fill it out. If you are comfortable with this, then yes, some people do use basic to complete their returns that have a K-1. Also, this does void the accuracy guarantee.
If you want to have the program do the calculations and select the forms, you would need to go with Premier in order to enter the K-1.