rjzottz
Returning Member

Which 2020 turbo tax product should I purchase for my single member LLC with a subchapter S election?

 

Get your taxes done using TurboTax

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Home & Business (or Self Employed) is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

 

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

 

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 8 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

 

Windows system requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

 

 

rjzottz
Returning Member

Get your taxes done using TurboTax

Thanks for the response but is there a state return for a single person LLC who elected subchapter s? I filed an 1120S last year but do not know if I did or was required to do a state return. If so, is there a turbo tax version with both the federal and state income tax return?

Get your taxes done using TurboTax

You buy the Business State program separately (if they have one for your state) from inside the federal Business program.  State Availability dates for Business returns,
https://ttlc.intuit.com/questions/1908856-forms-availability-table-for-turbotax-business-state

 

Click on State Additional under the price on this Buy Business page

https://turbotax.intuit.com/small-business-taxes/