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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