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robertdoud3182
New Member

As a turbotax advantage member with the premier product, can I upgrade right now to the home & business edition for 2017?

I purchased turbo tax premier for tax year 2017 through the turbo tax advantage program. but it appears that product does not handle taxes for a summer place that is owned by five family members and is organized as a limited liability company. is it possible to upgrade right now from premier to home & business for tax year 2017? and would home & business be the correct product for my situation?

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Accepted Solutions
VolvoGirl
Level 15

As a turbotax advantage member with the premier product, can I upgrade right now to the home & business edition for 2017?

You probably need Turbo Tax Business (not Home & Business).  Then you still use your Premier for your personal return.

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Home & Business (or Self Employed)  is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

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1 Reply
VolvoGirl
Level 15

As a turbotax advantage member with the premier product, can I upgrade right now to the home & business edition for 2017?

You probably need Turbo Tax Business (not Home & Business).  Then you still use your Premier for your personal return.

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Home & Business (or Self Employed)  is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
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