Turbo Tax Business vs Turbo Tax Home and Business

Simply put, if you do not reside in a community property state and hold your interests in the LLC as community property, you need to file a Form 1065 for the LLC and only TurboTax Business supports Form 1065.

It's not a question of which is best. TurboTax Business and TurboTax Home & Business are for different types of tax returns.

Has your LLC filed an election with the IRS to be treated as an S corp or a C corp for tax purposes? If so, you need TurboTax Business to file the Form 1120 or 1120-S corporation tax return for the LLC, separate from your personal tax return. You still need one of the personal versions to file your personal Form 1040 tax return.

If the LLC did not make such an election, and you and your wife are the only members of the LLC, and you live in a community property state, you have the option to file your tax return as if the LLC didn't exist. (You treat it as a "disregarded entity.") You and your wife would each file a Schedule C for your respective shares of the business income and expenses. You can do this with TurboTax Home & Business.

If you do not live in a community property state, the multi-member LLC has to be treated as a partnership. The LLC has to file a partnership tax return, Form 1065. You need TurboTax Business (not Home & Business) to file the partnership return. But TurboTax Business cannot do your personal Form 1040 return. You still need one of the personal editions for that.

If you do live in a community property state, you can choose to treat the LLC as a partnership instead of as a disregarded entity, if you wish.

The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.