topic Which version of Turbo Tax do I need ? in Get your taxes done using TurboTax

Which version of Turbo Tax do I need ?

PanJH — Fri, 07 Feb 2020 13:20:57 GMT

I need to do my personal income tax and will be getting the usual 1099's but will also be getting K-1's from participation in master limited partnerships and I have rental property that is managed thru my own single member LLC. No state tax since I reside in Florida. What version of turbo tax will I need to support this ? Thanks !

Re: Which version of Turbo Tax do I need ?

HelenC12 — Fri, 07 Feb 2020 13:47:25 GMT

If you sold investments, received a K-1, own rental property, or refinanced your mortgage, then TurboTax Premier is right for you! You can also get CPA or EA advice along the way and a final review of your return before filing with TurboTax Live Premier.

Premier has the extra guidance you need to accurately report your cost basis and investment income, rental depreciation, and refinance-related expenses. Learn what else TurboTax Premier and TurboTax Live Premier have to offer. Source: Is TurboTax Premier Online right for me?

If you want to use the TurboTax CD\Download version, you may use Deluxe, Premier, or Home & Business.

Note: The higher the version, the more step-by-step guidance you'll receive.

Re: Which version of Turbo Tax do I need ?

PanJH — Fri, 07 Feb 2020 14:30:25 GMT

Thanks ! So Premier has support for the Single Member LLC and Schedule c ?

Re: Which version of Turbo Tax do I need ?

ColeenD3 — Fri, 07 Feb 2020 15:08:28 GMT

You will need either the Self-Employed or Home and Business programs to include a Schedule C with expenses.