TT "Home and Business" or "Premier"

Forum|Forum|2 years ago
March 18, 2024
1 reply
5 views

Hi,

I hope I posted in the correct forum.

I have two LLCs that are taxed as an Scorp. I am having those business taxes done from a CPA.

I am doing my personal plus a rental on my own.

Which product do I use Home & Business or Premier?

DoninGA

Level 15

Either one can be used since all the TurboTax desktop editions include all the same forms, schedules and worksheets.

Premier is a good edition for rental property and it also supports entry of a Schedule K-1 from the S Corp.

joseph_ldAuthor

Level 2

Thank you for the response.

Will Premier prompt the user for K-1 entries from the businesses?

DoninGA

Level 15

@joseph_ld wrote:

Thank you for the response.

Will Premier prompt the user for K-1 entries from the businesses?

If you are not entering any type of self-employment income then you probably will not be prompted.

But here is how to enter the Schedule K-1 if you are going to use the TurboTax software -

To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items
On Schedules K-1, Q, click on the start or update button