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Level 1

LLC owner and work for a company. What product works?

I work for a company where I get a W2 and own a small startup inspection business which is an LLC. Can I do both in one Turbotax or other product?

1 Best answer

Accepted Solutions
Level 15

LLC owner and work for a company. What product works?


@wolfmeat wrote:

Perfect, would that be Turbotax Premiere.


@wolfmeat No, that would not be TurboTax Premier if you are doing your return online (you would need to use TurboTax Self-Employed).

 

You could use TurboTax Premier only if you use the desktop (installed) product.

View solution in original post

9 Replies
Level 15

LLC owner and work for a company. What product works?

You can use TurboTax Self-Employed (if you want to use an online version) or any desktop version, provided you are the only member of your LLC and have not made an election to be treated as a corporation for federal income tax purposes.

Level 1

LLC owner and work for a company. What product works?

Ok but the question is can I do both my personal (work for a company) and my LLC taxes in one product?

Level 15

LLC owner and work for a company. What product works?

@wolfmeat Yes, you can do your personal and LLC with one product (as per my first post). If you have a single-member LLC without an election to be treated as a corporation (which you clearly do not), then the LLC is disregarded and you file a Schedule C the same as a sole proprietor.

Level 1

LLC owner and work for a company. What product works?

Perfect, would that be Turbotax Premiere.

Sold rental property

Sold stocks

Worked for a company separate from my LLC

Did $7,000 in business with the LLC I own

Married

 

Thanks for the help

Level 15

LLC owner and work for a company. What product works?


@wolfmeat wrote:

Perfect, would that be Turbotax Premiere.


@wolfmeat No, that would not be TurboTax Premier if you are doing your return online (you would need to use TurboTax Self-Employed).

 

You could use TurboTax Premier only if you use the desktop (installed) product.

View solution in original post

Level 1

LLC owner and work for a company. What product works?

Last one.

If I used self employed version, I can also enter all my "non-self employed" info from my day job.

Sorry to bother you I know how much work this will be and want to make sure I'm getting the right product.

I was told I need two different products and would rather take it to a tax pro if that is the case.

Thanks much

Level 15

LLC owner and work for a company. What product works?

The Self-Employed version will cover your scenario.

Level 1

LLC owner and work for a company. What product works?

I log on to Turbotax and it puts me into Premiere which I used last year. How do I take advantage of all the historical data and change to the self employed version?

Level 15

LLC owner and work for a company. What product works?

There should be an upgrade screen. 

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