If you have self-employment business income and expenses as a sole proprietor/independent contractor then you will need to use the TurboTax Self-Employed online edition based on the requirements you posted.
The TurboTax online editions for tax year 2022 will be available in early December.
If the TurboTax desktop CD/Download editions are used then any of the desktop editions will suffice. However, it is recommended that you use the Home & Business edition for your tax return.
The TurboTax desktop CD/Download editions for tax year 2022 are available on this TurboTax website - https://turbotax.intuit.com/personal-taxes/cd-download/
If your business entity is a Partnership or has incorporated to a S Corp or C Corp then you will have to use the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online. The Business Edition cannot be used to complete a personal tax return, Form 1040.
Go to this TurboTax website for the 2022 Business Edition - https://turbotax.intuit.com/small-business-taxes/
Please explain "business deductions" since that will have a lot to do with the reply. Are you self-employed? Or are you a W-2 employee? If you are a W-2 employee you cannot deduct job-related expenses on a federal return.
If you are self-employed you will need online Self-Employed, or any version of the CD/download in order to enter your business expenses on a Schedule C.
But.... do you have an s-corps or c-corps, or partnership? If so, you need TurboTax Business for the business return, and other software for your individual tax return.
I file joint return. I have w-2 income and my wife is a freelancer and gets 1098 at the end of year.
@premalbhatt247 wrote:
I file joint return. I have w-2 income and my wife is a freelancer and gets 1098 at the end of year.
If she is a freelancer with her own business then she would be receiving a Form 1099-NEC for the income she received from her clients. The Self-Employed online edition would have to be used. Or any of the desktop editions.
@premalbhatt247 If you are a W-2 employee you do not have "business expenses" to enter on a federal tax return.
Sorry---W-2 employees cannot deduct job-related expenses on a federal return. Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond. Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.
If your spouse is a freelancer, then it sounds like she will receive a 1099NEC in January--not a 1098. You will need Self-Employed online software for her income. Your own W-2 income and homeownership data can be entered using that software as well.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
Thank you. So self-employed edition would allow me to report my W-2 income+business deduction for my wife+ deduction related to house ownership?
Yes. All of those things can go on Self-Employed. Or.....any version of the CD/download will work too.