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?

[leuname90]

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?

[Rick19744]

Responses to your questions:

1. Yes you will need to purchase separate software to prepare your personal tax return.
2. If you want to use the online software you would need to purchase at least the Premier version.
3. If you want to use the desktop software, you will need to purchase at least the Deluxe version.
4. 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.
5. Inputting the K-1 information manually is fairly straight forward especially if you follow the step-by-step question approach.

[leuname90]

According to your website, TurboTax Deluxe does NOT cover "rental property income and tax deductions (Schedule E)". Don't I need to file Schedule E for my business deductions? How can I use TurboTax Deluxe in my case if I can't subtract the business deductions using it?

[Rick19744]

As noted in my original response, the online version does not, but the desktop version does.  See the link:
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/personal-taxes/cd-download/deluxe.jsp">https://turbotax.intuit.com/perso...>

[leuname90]

Oh, yes, I was looking at the online version by mistake. So the Desktop version of TurboTax Deluxe includes Schedule E? Thank you for your help!

[gambrillspt]

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.

[DoninGA]

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@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.

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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/