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Level 3
posted Jan 24, 2024 3:22:27 PM

Do I need to have both TurboTax Premier and TurboTax Business in order to prepare my personal tax return as well as a return for a trust?

Will TurboTax Business prepare a personal tax return?

0 2 540
2 Replies
Expert Alumni
Jan 24, 2024 3:28:54 PM

1. Yes, you need both. The trust return need to be done in the Business software. See TurboTax Business

2. No, the business software is for estates, corporations, and trusts, not personal. The business software is an expense of the trust.

Level 15
Jan 24, 2024 3:29:12 PM

Sorry no.  You would need 2 programs.

Turbo Tax Business and Turbo Tax Home & Business are not the same.  Home & Business is for personal 1040 returns that need Schedule C for self employment income.  You can use either the Desktop program or the Online version for your personal return.

 

Turbo Tax Business is a separate program from Home & Business.  TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns. Not for self employed independent contractors.  Turbo Tax Business  is not available to do online or on a Mac.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.