I purchased a TurboTax Home & Business 2021 version and realized half-way through the work that it will not work for my LLC since my company is registered an S-Corp and needs to generate a 1120-S. I am a small business and a solo employee of my company and that is what the Home & Business version caters to according to the TurboTax marketing ad. But since it did not work, I had to pay extra to purchase the TurboTax Business 2021 version and then pay again to purchase the additional State version. Now do I need to purchase another version for my personal taxes or will the Home & Business version work? Or rather how can I make it work? I don't want to spend additional when I already have a version that can do personal taxes.
The Home & Business desktop edition can be used for your personal tax return. It also supports a Schedule K-1 provided by the S Corp.
Yes you can use the Home & Business program to do your personal tax return, it has all the same forms as the lower versions. You just won't need to go through the Business tab. Just enter the K-1 from the 1120 S return.
I have tried entering my schedule K-1 using turbo tax home and business and it tells me I had to purchase turbo tax business. Now I have business and I can't figure out how to do my personal taxes using this. Can someone please tell me which product to use and how to do my personal taxes and still enter a K-1?
@jfusse wrote:
I have tried entering my schedule K-1 using turbo tax home and business and it tells me I had to purchase turbo tax business. Now I have business and I can't figure out how to do my personal taxes using this. Can someone please tell me which product to use and how to do my personal taxes and still enter a K-1?
You can use the TurboTax Home & Business software for both your personal and self-employed income and expenses reported on a Form 1040 and Schedule C (1040)
To enter a Schedule K-1
Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1
@jfusse You use the separate Turbo Tax Business program if you need to prepare a 1120, 1065 or 1041 return and to prepare the K-1 forms. Not to enter a K-1 that you received into your personal return. You can enter a K-1 into all the Desktop personal programs.