topic LLC in Business & farm

LLC

BB201 — Wed, 11 Mar 2020 17:07:33 GMT

I am about to purchase TurboTax Business and it is asking to log in to finalize purchase. I want to create a new account for business to separate business from personal. But i am wondering if this new account will affect my personal intuit account. Is it safe to create a separate intuit account different from the personal one? or just use the personal intuit account for the purchase?

Re: LLC

JamesG1 — Wed, 11 Mar 2020 17:36:58 GMT

TurboTax recommends that you use the same account each year and only create another TurboTax account if you are doing someone else's tax return.

However, if you may choose to create other accounts linked to the same email.

Re: LLC

BB201 — Wed, 11 Mar 2020 17:44:33 GMT

Thanks you1 But to confirm, I used online version for my personal tax last year. But this year 2019, I have LLC with a partner. So it is ok to use my personal Intuit account on the Windows Turbotax Business?

Re: LLC

Irene2805 — Wed, 11 Mar 2020 18:17:03 GMT

Yes, it's OK to use your personal Intuit account to purchase Windows Turbotax Business. You may want to designate a separate credit card for business purchases to make bookkeeping easier.

Re: LLC

Rick19744 — Wed, 11 Mar 2020 18:27:39 GMT

Keep in mind that TT Business is not available as an online product. You either choose a CD or download the software onto your computer. Just wanted to clarify that so there are no surprises.

Re: LLC

BB201 — Wed, 11 Mar 2020 19:33:15 GMT

Thanks so much! This is really helpful

Re: LLC

BB201 — Wed, 11 Mar 2020 19:36:26 GMT

Thanks so much! Good to know. So with that said, i have 2 question:

1) How would i transfer Schedule K to the personal Tax?

2) which packages should be used? Deluxe or Premier package?

Thanks!

Re: LLC

DavidD66 — Wed, 11 Mar 2020 20:20:22 GMT

You enter your Schedule K-1 into your personal tax return. There is an input section for that. You will need TurboTax Premier to handle a K-1.

Re: LLC

kerryvan — Wed, 11 Mar 2020 21:03:50 GMT

Be aware the TT Business is not online and the support for the product is very poor compared to TT for personal tax returns. The documentation is weak and customer support people don't know much about the product or what it does.

Re: TurboTax for 2019 real estate business and personal return

Raymccready — Wed, 11 Mar 2020 22:10:30 GMT

My son purchased TT 2019 Deluxe (while doing his taxes upgraded to Premier) all on my PC, but I need to use the "Home & Business" version as I include my real estate business. Can I upgrade it online, or do I need to go purchase the Home & Business DVD? Thanks. Ray

Re: TurboTax for 2019 real estate business and personal return

VolvoGirl — Wed, 11 Mar 2020 22:14:45 GMT

He purchased the Desktop Deluxe? Actually he did not need to upgrade to Premier and you don't need to add Home & Business. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. But if his was from the Desktop CD/Download program you should be able to upgrade again to Home & Business and just pay the difference.

Re: TurboTax for 2019 real estate business and personal return

Raymccready — Wed, 11 Mar 2020 23:44:16 GMT

Ok, thanks for that info. Ray