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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
I have a multi-member LLC so I need TurboTax Business in order to do my taxes. However, the Business edition doesn't come with for 1040 so that I can do my personal taxes as well. Does this mean I need o buy a separate TurboTax? If yes, then which one?
If I buy a separate one for my personal taxes, how will I be able to import my business deductions from TurboTax Business?
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
Responses to your questions:
- Yes you will need to purchase separate software to prepare your personal tax return.
- If you want to use the online software you would need to purchase at least the Premier version.
- If you want to use the desktop software, you will need to purchase at least the Deluxe version.
- Only the desktop versions of the personal software allow for a transfer of the K-1 information. However, the K-1 must be in a .TXT file format. The Business version does not accommodate that format.
- Inputting the K-1 information manually is fairly straight forward especially if you follow the step-by-step question approach.
Also keep in mind the date of replies, as tax law changes.
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp">https://turbotax.intuit.com/perso...>
Also keep in mind the date of replies, as tax law changes.
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
I know this original post is from 2019, does this still apply now? Can I purchase Deluxe CD/Download with Business and have enough to do personal taxes?
I know previously purchased Premier w/ business but I did online version..... but if Deluxe has schedule E/ K1's then I should be good.
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Do I need both TurboTax Business and TurboTax Home and Business in order to do my multi-member LLC taxes and my 1040 personal taxes?
@gambrillspt wrote:
I know this original post is from 2019, does this still apply now? Can I purchase Deluxe CD/Download with Business and have enough to do personal taxes?
I know previously purchased Premier w/ business but I did online version..... but if Deluxe has schedule E/ K1's then I should be good.
The TurboTax Deluxe desktop CD/Download edition includes all forms and schedules as all the other desktop editions. So it will include a Schedule E, Schedule C and a Schedule K-1.
Go to this TurboTax website for all the forms and schedules included in the desktop editions - https://turbotax.intuit.com/personal-taxes/irs-forms/
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