california llc and personal software

[californianewllc]

confused, I bought a CD - turbotax Business only (llc-corpartions),  now, what else do i need for state filing, I will need 1040-schedule c, and california returns.. (home and business turbotax)   2  programs here?  130 + 80 = $210...  is the correct more or less?  

2)  also, I will file it for my daughter self employed business (not llc- but 1099).. i guess i can use the home and business for personal right?

[DawnC · Accepted solution]

Correct, you can use the Home & Business for all of the sole proprietorships - Schedule Cs you need.   The TurboTax Business CD is only going to file the federal and state LLC partnership return Form 1065.   Everything else (including the K-1 from the partnership), all Form 1040s and Schedule Cs can be filed using the personal product - Home & Business.   

The TurboTax Business program is only going to handle the partnership.  It will create your K-1s needed to file the Form 1040s which will be done with Home & Business.  

[californianewllc]

can I buy CD personal home and business first,   prepare drafts or so, then next week I buy CD turbo tax business for LLC. or has to be done reverse way, or what to prepare first, llc or personal?

[DawnC]

You can start your personal Form 1040 in TurboTax Home and Business.   But you will need the K-1 from TurboTax Business in order to complete your personal return.  You can prepare the returns in any order you want, but you won't be able to finalize your personal return until you get the needed K-1 form from TurboTax Business.   

Your daughter's sole proprietorship does not need anything from TurboTax Business.    You will need the CA state version for both products, which you can add at any time.  

[californianewllc]

follow up.  ready to file 2020 taxes today. i have TurboTax business cd software for my llc and home/business for personal california.   in 2020, for my 2019 taxes  i only used my TT business cd only for my llc,  my other cpa did the state personal for me and mailing filing.. now what to do first or fill out first..  business TT or home-business software?? any order??  note.. Yes, i have the tax file. taxfile from 2019 business llc file. 

[KristinaK]

You will need to prepare your business return first. If it's a pass-through business, a Schedule K-1 will be generated and you will need to include it on your personal tax (on Home & Business software). 

[californianewllc]

ok, yes, I am doing my business llc first, but now it is asking about state taxes.  $55 extra for california taxes dowload it says, do i pay.. or since I have already a CD on my pc home-business turbotax 2020 i don't need that?

[VolvoGirl]

You bought both programs?  Business and Personal Home & Business?  Yes for the Business returns you have to buy the state program separately. 

The personal Home & Business CD/Download comes with 1 free state Program download and then it will be $25 to efile each personal state return.

[californianewllc]

also in 2020, for my 2019 llc taxes i used cd software for my pc.  i can not find this the file. tax2019.  i guess i have to create this filing from scratch or any other way to save time?   also, I checked into my online account turbotax and i downloaded the .tax2019 file i see there... i tried to open it with my current TT software 2020, but it won't read or something.  it says, create new llc from scratch pretty much. reply

[VolvoGirl]

For the LLC......both the Business files and personal files end in the same .tax2019.   If you don't have the main .tax file you might have one that starts with a Tilde sign ~ like "~your name.tax2019". That file is if your computer crashes or your real file gets lost or deleted or corrupt so you can restore it.

Here's an idea. Do you still have 2019 installed? Try opening 2019 program and see if you can get your 2019 return to show up in it. Go to FILE - OPEN.  Then In the 2019 program do a File-Save AS and give it a easy name you can find or search for. And note where it saves it or select where to save it so you can find it again. The file will end in .tax2019. Then close the 2019 program. Then start a new 2020 return and transfer from the 2019 file.

FOR PERSONAL

You downloaded the .tax2019 file, good.  You do not open it in the 2020 program (you can only open it in the 2019 personal program).  You need to TRANSFER it into a new blank 2020 return.  Start a new 2020 return, Go up to FILE - NEW -or- click on the Start a New Return button.  Then it will try to find a 2019 file to transfer. Let it look for a long time, if it doesn't find one you can Browse to where you downloaded it.  

[californianewllc]

yes, I got 2 programs.  and yes, I will pay $55 for the state..  and yes the other home and business program has 1 free state program and my daughter already used it and only pay $25 to file it..  but now it is my turn to file it.  so, if i pay $55 for the state as mentioned..  do i still need to use home and business program and pay $25 to file it?  thanks.