Which version of Turbo Tax to I buy?

[waterdog12az]

I my wife and I have a LLC together and also need to do our personal taxes.  From what I understand we can link our personal taxes to our LLC with a schedule C.  I think I need the Business version, but don't know if it also has ALL the other lower products so I can only by one version to do ALL our taxes.  Thanks in advance.

I'm sorry, but the "Select a Product" has issues...  I set "I don't know" for the product as per my question, the platform should option should be independent of all other choices, but the only choice is "I don't know".  My platform is Windows 10.

[JamesG1]

If you have a multi-member LLC, you would be reporting business income and expense as a partnership, C corporation or S Corporation.  TurboTax Business will prepare any of those tax returns and can be found here.

The output from these tax returns would be reported on your individual IRS 1040 tax return for which I would recommend TurboTax Self-Employed.  See here.

However, a single member LLC may report its business income reported IRS form 1040 Schedule C.  TurboTax Home & Business is a CD/Download product and can be found here.

[waterdog12az]

I'm looking for the single product/purchase that will allow me to do our personal and LLC taxes in one package. Since our LLC is only owned by my wife and I, is our LLC considered the same as a single owner? We live in Arizona.

[DavidD66 · Accepted solution]

Since you live in Arizona, your multi-member LLC can be treated like a single member LLC, and you can can report your business income and expenses on Schedule C, as a part of your personal tax return.  In this case, you would want to use either TurboTax Self-Employed if you use the Online version,or TurboTax Home & Business if you use the desktop software version.  If you qualify to treat you LLC as Single Member LLC, this is only product you will need to buy to prepare your tax returns. If you don't qualify, you would have to use TurboTax Business to prepare a Form 1065 for you mulit-member LLC.

The IRS has issued a special rule applicable to LLCs owned by married couples who live in community property states. Under this rule, a married couple can treat their jointly owned business as a disregarded entity for federal tax purposes if:

• the LLC is wholly owned by the husband and wife as community property under state law
• no one else would be considered an owner for federal tax purposes, and
• the business is not otherwise treated as a corporation under federal law.

[waterdog12az]

I'm just checking to see if I get the same answer as on 4/2.  Thanks for looking into this.