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Level 4

Question

Which Version for both a sole proprietorship and a multi-member LLC?

5 replies
33 views

HI,

I live in CA. Last year we started 2 businesses. One with a simple sole proprietorship and another with a multi-member LLC, both filed in CA. Question is which version of turbotax should I get and would I be able to purchase just one and filed for both businesses?

thanks!

A

Alumni - Intuit

Unfortunately, no. A multi-member LLC is by default taxed as a Partnership. If you need to prepare a Form 1065 for a multi-member LLC, you will need TurboTax Business.

Your sole proprietorship will file a Schedule C. You can choose either the Home and Business (desktop) or the Self-Employed (online) programs. Either will also handle the Forms K-1 that your partnership issues.

simplitia1Author

Level 4

thanks, for the Home and Business will I also be able to use that file my income tax at the same time?

Alumni - Intuit

Yes, Home and Business handles every personal aspect on Form 1040 and its supporting schedules.