topic Can both Turbotax Home & Business and Turbotax Business be installed on the same computer? in After you file

Can both Turbotax Home & Business and Turbotax Business be installed on the same computer?

DetroitTaxpayer — Fri, 28 Feb 2025 22:56:04 GMT

I have installed, and I am using, 2024 TurboTax Home & Business to complete my taxes.

I also need to use 2024 TurboTax Business in order to create a 1041 tax filing for an estate (because TurboTax Home & Business will not generate a 1041).

Before I purchase TurboTax Business, I would like to know if both of these versions of TurboTax can be installed on the same computer?

Thank you!

Re: Can both Turbotax Home & Business and Turbotax Business be installed on the same computer?

DoninGA — Fri, 28 Feb 2025 22:57:02 GMT

Yes, the 2024 Home & Business personal edition and the 2024 Business Edition can be installed on the same computer.

Re: Can both Turbotax Home & Business and Turbotax Business be installed on the same computer?

xmasbaby0 — Fri, 28 Feb 2025 22:58:05 GMT

Yes those two versions of TT can be installed on the same computer, because they are being used for different kinds of tax returns. TT Business is used for a business return; the Home and Business software is used to prepare your personal Form 1040.

Re: Can both Turbotax Home & Business and Turbotax Business be installed on the same computer?

SteveK61 — Sat, 01 Mar 2025 14:46:38 GMT

This question is related, I purchased Turbotax Home & Business for 2024 because my wife and I started and LLC in June of 2024. The problem I'm having is that Turbotax won't let me file as a Partnership LLC. We didn't make a profit in 2024 nor did we get a paycheck or distribution of any sort. The question is how do I make Turbotax Home and Business recognize the Partnership LLC so we can take advantage of the pass-through for filing our personal taxes?

Re: Can both Turbotax Home & Business and Turbotax Business be installed on the same computer?

PatriciaV — Sun, 02 Mar 2025 20:40:59 GMT

TurboTax Home & Business is limited to personal Form 1040 tax returns. To prepare a Form 1065 Partnership Income tax return, you will need to use TurboTax Business. This return will include Schedule K-1 that you will use on your personal return to report the pass-through activity.

If your LLC had no activity for the entire tax year, you are not required to file a partnership tax return. However, any expense deductions you incurred during the year would be lost.