What is the difference between the Home and Business and Self-Employed versions of TurboTax?

Forum|Forum|7 years ago
June 7, 2019
4 replies
13 views

I drive for Uber, but don't want to overpay for the Self-Employed version online if I can get the Home and Business version CD on sale.

TurboTax Home & Biz Windows

Best answer by TaxGuyBill

They are basically the same thing. "Home and Business" is the name of the CD/downloaded version and "Self-Employed" is the name of the Online version.

The CD/downloaded versions (such as "Home and Business") are only on your computer, and the Online versions (such as "Self Employed") are completely cloud-based.

The Online "Self Employed" has some different "work flows" that navigate you a bit differently, but I would always recommend a CD/download version over an Online version.

TaxGuyBillAnswer

Level 13

They are basically the same thing. "Home and Business" is the name of the CD/downloaded version and "Self-Employed" is the name of the Online version.

The CD/downloaded versions (such as "Home and Business") are only on your computer, and the Online versions (such as "Self Employed") are completely cloud-based.

The Online "Self Employed" has some different "work flows" that navigate you a bit differently, but I would always recommend a CD/download version over an Online version.

evonyahoo

Level 2

You can't cover 401K contributions for yourself or matching contributions by the business is what I'm seeing. You must have home and business for these deductions. If I'm wrong please tell me.

AnnetteB6

Level 15

Second question first, both the TurboTax Online Self-Employed and the CD/downloaded TurboTax Home and Business can handle reporting of employer and employee owner 401k contributions.

Here is my opinion on the differences between online and CD/downloaded TurboTax:

If you are accustomed to using one of the CD/downloaded versions of TurboTax and you use the Forms feature to view your actual tax forms, you would be disappointed with the online version of the program. The actual tax forms are not available for viewing or printing until after you have paid to file your tax return.
The user interface is a bit different. There are some navigation differences between the two versions.
If you have a need to file multiple returns, using the CD/downloaded version may be a better value.

Take a look at the following article for another comparison of the different versions: What's the difference between TurboTax Online and TurboTax CD/downloaded versions?

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grygerkr

Level 2

YAY! for TaxGuyBill. A simple answer to a simple question! Why couldn't TTax people just tell me that on the phone?

taxmountain21

Level 2

I have been "stuck" for five days with the online version trying to enter my full $63,500 deduction from an individual 401k...or more specifically, after entering the information receiving the FULL deduction from this PRETAX entry....The screen only allows for half to be deducted which I think is the limit for a different 401k product. This is for the INDIVIDUAL 401k and it seems the online version does not allow the full deduction...any advice??

ErnieS0

Level 15

@taxmountain21 Your deduction amount may be limited by your income.

To compute the maximum 401(k) employer contribution:

Type self-employed retirement in Search in the upper right
Select Jump to self-employed retirement
Say Yes on Did [you] make a 2020 self-employed retirement plan contribution?
Say Yes to Did [you] contribute to an individual or Roth 401(k) plan?
In Individual 401(k) enter $19,500 under Elective Deferrals and $6,500 in Catch-up contributions if over 50.
Check the box Maximize Contributions to Individual 401(k), TurboTax will compute the maximum amount for your employee and employer contributions.