Which TurboTax product to use

[rvtrebor]

I currently "own" two companies.  I am the sole owner/member of Company A (an S-Corp LLC).  Company A is the sole owner/member of Company B (an LLC).  I purchased TurboTax Business desktop to do the taxes for both companies.  However, it's telling me it cannot do taxes for Company B because it is a sole owner LLC, which requires a Schedule C, and recommends TT Premier or TT Home & Business.  I also need to do my personal taxes.  I'm lost on which TurboTax products I need since the Business desktop isn't covering both businesses, and I am not the sole owner of the LLC (Company B), so combining my personal with Company B doesn't seem possible.  Anyone have any recommendations? 

[M-MTax]

Get a tax pro........please. A 1120-S has to be filed for the S corp and the LLC is disregarded because it only has one member. The S corp sends a K-1 to its shareholder......you.

[Rick19744]

I agree with @M-MTax in that you should get some professional advice for the initial year.

Having said that, you are able to file your 1120-S using TT Business.

The LLC taxed as an S corporation is the sole owner of Company B (a single member LLC).

As such, you would file your 1120-S as if Company B was a division of Company A.

All activity will be reported on one 1120-S.

[sskasser]

Similar question and hoping to see an answer in your replies (and that this is considered an "efficient" use of this post instead of rude): I bought TT Business to be able to file the 1065 for our LLC. Do I have to buy a separate TT product to complete our personal tax return? 

[VolvoGirl]

I just answered that on another post.  Did you ask this before?

Yes.  Business and Personal programs are separate.  For Personal you can either use the Online browser version you log into or buy one of the Desktop CD/Download programs.  All the Personal Desktop programs have the same forms, you just get more help in the higher versions.  So you can use a lower version like Deluxe.  You can buy the Desktop program directly from Turbo Tax or look in stores for sales.  Costco has a good price now in January.  

You can see the Desktop programs here,

https://turbotax.intuit.com/personal-taxes/cd-download/ 

[sskasser]

No, this was my very first question. Where is the other post? I'm looking around on the site, but overwhelmed on where to look for this information. Thanks for the answer. It sounds like I will have to pay for two different products, then? Ugh, bummer. Thanks for the answer, though. 

I bought the Business version as a download from Staples. I'd started doing the online "Self Employed" version, but it referred me to Business for the 1065.

[rvrentfrow]

Thank you.  Meeting with a CPA next week.

[rvrentfrow]

I will post what I find out from the CPA next week.  Still looking for an answer about what TT product(s) are needed for this type of situation.