@Explorz wrote:
Ahhh, that’s a good point. I can have my tax guy just file my business return and save a little $. Then I can use the software I purchased to file my personal return with the pass through data from my business return?
So I would simply delete all the business info from my TurboTax software and that should eliminate the self employment tax?
Yes, but as Macuser_22 mentioned, it doesn't have to be Home and Business Edition. The other desktop editions can also enter a K-1.
The desktop editions can handle a rental property. All editions can do it, but Premier or Home and Business provide the most help guidance.
Yes, you can remove what you entered for the Schedule C self-employed interview, and if necessary, can delete forms, underlying worksheets, etc. You may be able to delete it all from the Business Summary screen in the interview. There may be a Delete button for the business. You could try that first to see if everything related to the business was deleted. If it was me, I'd just start a new return from scratch, especially if you're not used to doing all that, but you can certainly try first, if you like.
The desktop editions can prepare the same forms but vary mainly in the amount of help and guidance, with these exception:
- The Basic Edition does not include a state program and does not import from ItsDeductible.
- Desktop Deluxe comes in 2 versions--one that is Federal and state combo, and one that is Federal-only. When purchased from TurboTax, it is the combo version. When purchased elsewhere, you have to be careful as to which Deluxe you are buying.
In the desktop editions there is a 24.99 fee to efile a state return (except no fee for NY state). There is no fee to print and mail the state returns.
