topic Turbo Tax Self Employed & Personal in Get your taxes done using TurboTax

Turbo Tax Self Employed & Personal

dktk1130 — Tue, 15 Oct 2019 19:18:34 GMT

We are using Turbo Tax Self employed. Do we need to use a different version for our personal filing (1040)?

Re: Turbo Tax Self Employed & Personal

Anonymous_ — Tue, 15 Oct 2019 19:22:28 GMT

@dktk1130 wrote:

We are using Turbo Tax Self employed. Do we need to use a different version for our personal filing (1040)?

TurboTax Self-Employed is for your personal filing (1040 plus any relevant schedules, such as Schedule C for your business - sole proprietorship).

If you are trying to prepare a return for an entity (e.g, a multi-member LLC or corporation), you cannot do so with TurboTax Self-Employed.

Re: Turbo Tax Self Employed & Personal

VolvoGirl — Tue, 15 Oct 2019 19:24:01 GMT

No. The Self Employed version is only for personal returns on 1040 that need Schedule C for self employment income. You ARE filling out your personal return.

Do you need to file a separate Business return? Like a Partnership or LLC or 1065, 1120?

Re: Turbo Tax Self Employed & Personal

dktk1130 — Tue, 15 Oct 2019 19:39:23 GMT

S Corp…...

Re: Turbo Tax Self Employed & Personal

VolvoGirl — Tue, 15 Oct 2019 19:42:15 GMT

To do the S corp return you need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Home & Business Desktop program or the Online Self Employed version is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

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

Re: Turbo Tax Self Employed & Personal

Anonymous_ — Tue, 15 Oct 2019 19:45:17 GMT

@dktk1130 If this is the first year for your S corporation, and/or you have never prepared a return for an S corporation previously, you might want to seek professional guidance and/or tax preparation.

Re: Turbo Tax Self Employed & Personal

dktk1130 — Tue, 15 Oct 2019 19:48:32 GMT

Do I need to go to the store to get that version or can I download the link you provided?

Re: Turbo Tax Self Employed & Personal

dktk1130 — Tue, 15 Oct 2019 19:49:50 GMT

We have previously submitted a S corp return, this is our first year doing it ourselves.

Re: Turbo Tax Self Employed & Personal

VolvoGirl — Tue, 15 Oct 2019 19:50:58 GMT

You can buy the download at the link.

Re: Turbo Tax Self Employed & Personal

dktk1130 — Sat, 10 Oct 2020 18:09:34 GMT

I just want to make sure I am clear. I need to download the TT Business for my s-corp and TT home & business for my personal filing?

Re: Turbo Tax Self Employed & Personal

DoninGA — Sat, 10 Oct 2020 18:21:16 GMT

@dktk1130 wrote:

I just want to make sure I am clear. I need to download the TT Business for my s-corp and TT home & business for my personal filing?

Yes, you are clear in your understanding of what you need purchase and download.

Re: Turbo Tax Self Employed & Personal

dktk1130 — Sat, 10 Oct 2020 18:24:34 GMT

Thank you!