Does turbo tax business work for real estate agents and all of our business expenses?

 

Business & farm

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). 

 

If you have a 2+ members in your LLC, then the business defaults to be taxed as a Partnership and needs to file form 1065, which you can do with TurboTax Business. You'll give each member a schedule K-1 (1065), which you'll need to enter with your personal return, this year in TurboTax Premier.  

 

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. 

You can access the TurboTax Business software here and compare the personal product here: https://turbotax.intuit.com/personal-taxes/compare/online/

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Carl
Level 15

Business & farm

TurboTax business is for completing and filing a tax return for a non-living, non-breathing separately taxable entity.  It contains:

IRS Form 1065 - Partnerships/Multi-member LLCs

IRS Form 1120 - C-Corporation return

IRS Form 1120-S - S-Corporation return

IRS Form 1041 - Estates and Trust return.

TurboTax Business can not be used to file a personal 1040 tax return of any type, as it does not contain the IRS Form 1040 of any type.