ToddL99
Expert Alumni

Business & farm

Please clarify - what kind of business do you have? 

 

Any business income you have will need to be reported on your tax return (except a C-Corporation).

 

If you have an S-corporation or a partnership, you would need to file a separate business return using TurboTax Business. The income or loss from those businesses would "pass-through" to your personal return by way of a Schedule K-1.

 

If you have a sole-proprietorship or single-member LLC, the income is reported directly on your tax return, using Schedule C. TurboTax Self-employed (or Home & Business) is required to prepare Schedule C and related tax forms.