topic Can I switch from self-employed to small business turbotax software? in Get your taxes done using TurboTax

Can I switch from self-employed to small business turbotax software?

naproffer — Sat, 08 Jun 2019 00:56:46 GMT

No you can't switch. You are posting from the online Self...

Texas Roger — Sat, 08 Jun 2019 00:56:47 GMT

No you can't switch. You are posting from the online Self Employed version. TurboTax Business is only available as a product that is downloaded to your PC computer. If you have not paid for Self Employed, you can just abandon the account. You will need some version of the the personal tax return products to file your personal tax return which must be filed even if you must file a Business tax return.

You must buy and download TurboTax Business and install it on your PC computer. You will have to start over with your entries. Here is where to buy the Business product: <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/</a>

or do you mean you want to switch from TT online Self-Emp...

SweetieJean — Sat, 08 Jun 2019 00:56:49 GMT

or do you mean you want to switch from TT online Self-Employed to TT desktop Home and Business?

yes correct sweetiejean

naproffer — Sat, 08 Jun 2019 00:56:50 GMT

yes correct sweetiejean

The online Self Employed version is the same as the Deskt...

VolvoGirl — Sat, 08 Jun 2019 00:56:50 GMT

The online Self Employed version is the same as the Desktop  Home & Business program.  But actually you can use any Desktop program, even Deluxe.  All the Desktop programs have the same forms.  You just get more help and guidance in the higher versions.

To switch from online to desktop…
Yes you can.  If you already started in the Online version you can move your return to the Desktop program even without paying for Online.  If you already paid for the Online version you can contact them to give you the program download.

First download the .tax2018 file from the Online version,
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899645-how-do-i-save-my-2018-turbotax-online-return-as-a-tax-data-file">https://ttlc.intuit.com/questions/1899645-how-do-i-save-my-2018-turbotax-online-return-as-a-tax-data-file</a>

Then see, How to Switch to Desktop,
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901476-how-do-i-switch-from-turbotax-online-to-the-turbotax-software">https://ttlc.intuit.com/questions/1901476-how-do-i-switch-from-turbotax-online-to-the-turbotax-software</a>

After you get the program installed the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - New)

Do you have a full Windows or Mac computer to install it...

VolvoGirl — Sat, 08 Jun 2019 00:56:52 GMT

Do you have a full Windows or Mac computer to install it on? Do you need to buy the program? <a rel="nofollow" target="_blank" href="Https://turbotax.intuit.com/personal-taxes/cd-download/">Https://turbotax.intuit.com/personal-taxes/cd-download/</a>

Have you already paid for online? You can call and ask them to switch you.

i have a windows computer and no i dont think ive paid yet

naproffer — Sat, 08 Jun 2019 00:56:53 GMT

i have a windows computer and no i dont think ive paid yet

very helpfull thank you!

naproffer — Sat, 08 Jun 2019 00:56:55 GMT

very helpfull thank you!

What types of returns does TurboTax Business handle? Turb...

Critter — Sat, 08 Jun 2019 00:56:56 GMT

What types of returns does TurboTax Business handle?

TurboTax Business handles:

Estates and Trusts (Form 1041)

An estate consists of personal property (automobiles, furniture, etc.), real property (homes, land), and intangible property (stock certificates, bank accounts, etc.) that was owned by someone at the time of their death.

A trust is a business arrangement in which property is given by one person (the settler) to be held by another (the trustee) for the purposes of benefiting a specific class of persons or the general public (the charitable purpose).

Tax returns filed on the behalf of estates and trusts are also called fiduciary returns. A fiduciary is an individual (such as a trustee, administrator or executor) or organization legally responsible for managing assets on behalf of another party, usually called the beneficiary. The fiduciary is obligated to manage the beneficiary's assets in the best interests of the beneficiary.

Partnerships and Multi-Member LLCs (Form 1065)

Partnerships are a type of unincorporated business organization in which multiple owners (partners) manage the business and are equally liable for its debts.

Unlike an LLC or a corporation, each partner shares equal responsibility for the company's profits, losses, debts, and liabilities.

The partnership itself does not pay income taxes, but each partner has to report their share of business profits or losses on their individual tax return. The partnership will also file a Form 1065 tax return.

Limited Liability Companies (LLCs) are a relatively recent type of business structure that combine the advantages of corporations with those of sole proprietorships or partnerships.

Multi-member LLC profits and tax benefits are split by its owners (members). LLC returns are filed only for reporting purposes; the members report their business profits or losses on their individual (Form 1040) tax returns.

Not all multi-member LLC will file a 1065, however. A few will need to file as a Corporation (Form 1120).

S Corporations (Form 1120S)

An S Corporation is a small business corporation, usually with less than 100 shareholders, which has elected to have its profits pass through to its shareholders, in the same manner as a partnership or sole proprietorship.

The owners (shareholders) of an S Corporation receive the benefit of limited liability, and are treated in the manner of partners for purposes of taxation. Income and losses from the business are passed directly to the shareholders, who then report their share of those amounts on their personal tax return. The S corporation itself will file an 1120S.

C Corporations (Form 1120)

A C Corporation (usually simply called a "corporation") is a separate legal entity that offers the greatest flexibility with respect to ownership and the free transferability of ownership interest.

Corporations file their own tax returns using Form 1120 to report income and losses.

Income is first taxed at the corporate level and, when distributed as dividends, the same money is taxed again at the shareholder level. As a result, income generated by a corporation can be taxed twice.

Related Information:

· What is a sole proprietorship?

To prepare a corporate, trust or partnership return you would need Turbotax Business. This is a separate program from Turbotax Home and Business. TT Business is a program only available for desktop windows use (there is no on-line or Mac version.)

http://turbotax.intuit.com/small-business-taxes/

https://turbotax.intuit.com/small-business-taxes/forms-business.jsp

https://ttlc.intuit.com/questions/1917225-is-turbotax-business-right-for-me

To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc. If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Self Employed version when using the online program.

All the 2017 downloaded programs will handle the personal return.

View this product guide chart to see which product is best for you:
https://turbotax.intuit.com/personal-taxes/cd-download/

Re: No you can't switch. You are posting from the online Self...

59671 — Wed, 08 Apr 2020 16:24:29 GMT

I have purchased Home & Business. Have finished and filed personal tax. Can I use this version of TurboTax for a Family Trust of which I am the Exec.

Re: or do you mean you want to switch from TT online Self-Emp...

59671 — Wed, 08 Apr 2020 16:28:48 GMT

I am retired! I must file my own tax return, which I have done using TT Home & Business. I need to file a tax return for my Family Trust. May I use the same down-loaded file, i.e., Home and Business. IF NOT, What product covers Trusts?