Cost to upgrade from Home and Business to Business

[sabhybaby]

I bought Turbo Tax Home and Business and now it see that I need Business version.

How much is the cost to upgrade for both federal and state?

[dmertz]

There is no upgrade.  TurboTax Home and Business for Form 1040 and TurboTax Business for Forms 1041, 1065 and 1120-S are independent products that must be purchased separately.

[sabhybaby]

Thanks for the quick reply.

Here is the scenario I have.

We are in Missouri. Me and wife both work full time jobs. Last year we create an LLC in both our names (50/50 split). The LLC has a rental property and getting rent.

For filing our taxes this year, which TurboTax version should we be using?

Do we need purchase both "Home and Business" and Business?

[dmertz]

Missouri is not a community property state.  This means that the LLC is a partnership that much file Form 1065 unless the business has elected to be an S corp, in which case it would file Form 1120-S.  Ether of these require TurboTax Business.

The version of TurboTax you would need for your individual tax return (Form 1040) depends on whether you use the download version (any version will do), or the online version (Premier or higher to be able to enter the Schedules K-1 from the business).