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941skate
New Member

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

 
1 Best answer

Accepted Solutions
VolvoGirl
Level 15

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from Home & Business (or Personal & Small Business).  Home & Business is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
https://turbotax.intuit.com/small-business-taxes


The Business program will do all the federal returns.  Do you do state returns for them?  You do buy the state programs separately.  When they are the same types of businesses (such as two S Corps) and file taxes in the same state, buy one state product and use for all at no extra charge. Business State efile included.

When they are the same types of businesses (such as more than one LLC), but file taxes in different states, buy one product per state for $49.99. Business State efile included.

When they are different types of businesses (such as an S Corp and a partnership) and file taxes in the same state, purchase one product for each business type for $49.99 per each business type. Business State efile included.

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4 Replies
VolvoGirl
Level 15

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

If you need to file separate Business returns you need to buy and install Turbo Tax Business which it looks like you have.  You only need to buy 1 copy.  It can do unlimited returns.  You don't need to log into online or an account.  Business is only done on your local computer and not online.

If you need to file a schedule C in your personal return for the Businesses you can do more than 1 Schedule C in your 1040 return.  You can do a personal 1040 return online or in the Desktop CD/Download program.
SweetieJean
Level 15

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

Are these all your own companies?
941skate
New Member

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

Yes we do own all companies.  3 are Corp and 2 are S Crop
VolvoGirl
Level 15

I have 5 companies and I want to know if I have to have 5 separate accounts or can I have one account in which I use the same form 5 times over?

You need Turbo Tax Business.
TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from Home & Business (or Personal & Small Business).  Home & Business is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
https://turbotax.intuit.com/small-business-taxes


The Business program will do all the federal returns.  Do you do state returns for them?  You do buy the state programs separately.  When they are the same types of businesses (such as two S Corps) and file taxes in the same state, buy one state product and use for all at no extra charge. Business State efile included.

When they are the same types of businesses (such as more than one LLC), but file taxes in different states, buy one product per state for $49.99. Business State efile included.

When they are different types of businesses (such as an S Corp and a partnership) and file taxes in the same state, purchase one product for each business type for $49.99 per each business type. Business State efile included.

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