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truck1029
New Member

Brought Deluxe, after putting in W2's needed to put in income from LLC and it told me to get business. Home & Bus or Bus which do I get that allows both W2's & LLC info

 
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Opus 17
Level 15

Brought Deluxe, after putting in W2's needed to put in income from LLC and it told me to get business. Home & Bus or Bus which do I get that allows both W2's & LLC info

Generally, an LLC must prepare a form 1120 tax return.  Part of this return is the creation of a K-1 form for each owner/shareholder.  The LLC return can't be prepared in personal Turbotax.  It can only be prepared using Turbotax for Business, which is only available as a download for PC (it is not online and not for Macs).  The K-1 can be entered in personal Turbotax Deluxe on the "Wages and Income" page.

If you have a single-member LLC, you have the option of treating it as a "disregarded entity". This means you report it as a personal self-employment business on schedule C instead of on a corporate return.  See here. https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

If you want to treat the LLC as a disregarded entity, you must upgrade to Turbotax Self-Employed version (online) or Turbotax Home & Business (installed on your own computer) so you can report your business income and deductions on schedule C.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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3 Replies
Carl
Level 15

Brought Deluxe, after putting in W2's needed to put in income from LLC and it told me to get business. Home & Bus or Bus which do I get that allows both W2's & LLC info

TurboTax Self-Employed in the online product. TurboTax Home & Business is the CD/Desktop product. The only difference between the two, is the spelling. (Literally!).
If your LLC is a single-member LLC, then you'll use one of the above mentioned products (depending if you're using online or desktop). If your business is anything else (S-Corp, C-Corp, multi-member LLC, etc) then you can NOT use any of the above products, and have to use TurboTax Business (different from Home & Business)
Opus 17
Level 15

Brought Deluxe, after putting in W2's needed to put in income from LLC and it told me to get business. Home & Bus or Bus which do I get that allows both W2's & LLC info

Generally, an LLC must prepare a form 1120 tax return.  Part of this return is the creation of a K-1 form for each owner/shareholder.  The LLC return can't be prepared in personal Turbotax.  It can only be prepared using Turbotax for Business, which is only available as a download for PC (it is not online and not for Macs).  The K-1 can be entered in personal Turbotax Deluxe on the "Wages and Income" page.

If you have a single-member LLC, you have the option of treating it as a "disregarded entity". This means you report it as a personal self-employment business on schedule C instead of on a corporate return.  See here. https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

If you want to treat the LLC as a disregarded entity, you must upgrade to Turbotax Self-Employed version (online) or Turbotax Home & Business (installed on your own computer) so you can report your business income and deductions on schedule C.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
VolvoGirl
Level 15

Brought Deluxe, after putting in W2's needed to put in income from LLC and it told me to get business. Home & Bus or Bus which do I get that allows both W2's & LLC info

What Deluxe did you buy?  The Online version or the Desktop program?

If you need to do schedule C for a single member LLC (that's not a S Corp)  Deluxe might work.
The Desktop Deluxe program has all the same forms as the Home & Business version.  You just get more help in Home & Business.

For the Deluxe Online version you can enter schedule C income into it but if you have any expenses you will need to upgrade to the Self Employed Online version.

Or if you need to prepare a 1120 S or 1065 business return you need Turbo Tax Business.  And you will still need a personal version (online or Desktop) to do your 1040 W2 return.  So you would need 2 separate programs.

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