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Jam772
Level 2

Can TurboTax Business edition do both estate and home business related taxes?

I need to handle taxes for both an estate I administered as well as handle taxes related to a personal home business & rentals.  Looks like only TurboTax Business can handle the estate taxes (1041), but can that version also be used for my personal home business w/ rental income tax filings?  Or do I need to purchase 2 different versions of TT (Business & Home/Business) versions?

2 Replies
tagteam
Level 15

Can TurboTax Business edition do both estate and home business related taxes?


@Jam772 wrote:

...do I need to purchase 2 different versions of TT (Business & Home/Business) versions?


You need to purchase two different versions; TurboTax Business and also a personal income tax preparation product, such as TurboTax Home & Business.

 

TurboTax Business can only be used to prepare income tax returns for entities (e.g., trusts/estates).

DoninGA
Level 15

Can TurboTax Business edition do both estate and home business related taxes?

You need two separate TurboTax editions. 

The Business Edition for the Estate and Trust tax return, Form 1041 - https://turbotax.intuit.com/small-business-taxes/

And one of the TurboTax personal desktop CD/Download editions.  The Home & Business edition would be recommended - https://turbotax.intuit.com/personal-taxes/cd-download/

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