topic Is the Business version of Turbo Tax right for S-corp, LLC, Farm, and Personal? in Business & farm

Is the Business version of Turbo Tax right for S-corp, LLC, Farm, and Personal?

jrogers760 — Mon, 13 Apr 2020 21:27:23 GMT

I have 5 LLC's, 1 S-corp, a Farm (Sch F), a home, kids, and I need to file personal returns also. I searched the "form" on the Business edition of Turbo Tax and do not see Sch F or 1040 available... I assume I need to buy both the "Business" Edition and the "Home and Business" edition to complete my taxes? Or is there an edition which captures all these items?

Re: Is the Business version of Turbo Tax right for S-corp, LLC, Farm, and Personal?

Anonymous_ — Mon, 13 Apr 2020 21:43:35 GMT

@jrogers760 wrote:

Or is there an edition which captures all these items?

No, there is no edition that captures all of the items you mentioned; you will have to buy TurboTax Business for your business income tax returns and also Home & Business for your individual income tax return.

Re: Is the Business version of Turbo Tax right for S-corp, LLC, Farm, and Personal?

ColeenD3 — Mon, 13 Apr 2020 21:48:32 GMT

No, Business will only handle the S-Corp and any LLCs that you elect to be taxed as a corporation or partnership. You will need either self-employed or Home and Business for the personal portion, taxed as sole proprietorships.

Re: Is the Business version of Turbo Tax right for S-corp, LLC, Farm, and Personal?

jrogers760 — Mon, 13 Apr 2020 22:07:07 GMT

That's what I figured. Thanks for the reply. For anyone with similar questions use the "forms" option under the Turbo Tax edition which might be best for you. If you don't see your forms listed, try another edition. Some situation might require 2 editions.