Do you have a partnership that you have elected to be treated as a qualified joint venture? Only sole-proprietorships, single-member LLCs, and qualified joint ventures can be claimed on your personal taxes.
You would need TurboTax Business to file for Partnerships, S Corp, C Corp, or a multi-member LLC.
Sole proprietorships:
- Are owned by one person—you don't have any partners
- Are unincorporated—you haven't filed any legal forms to incorporate your business
- Have no legal distinction between the owner and the business—you are entitled to all the income, but also must pay the bills, including taxes
A married couple can be considered sole proprietors when they elect on their 1040 to treat their jointly owned and operated business as a qualified joint venture.
Organizations that aren't sole-proprietorships:
- Partnership
- Corporation
- S Corporation
- Limited Liability Company (LLC), except a single-member LLC that doesn't elect to be treated as a corporation
Business Structures
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