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-savsumbux
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I have a full-time job I will receive a W2 from & I also have a multi partner partnership & another independent contractor job. Is Turbotax Business the version I need?

 
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JulieCo
New Member

I have a full-time job I will receive a W2 from & I also have a multi partner partnership & another independent contractor job. Is Turbotax Business the version I need?

You will actually need two different versions of TurboTax - one to prepare the partnership return and one to prepare your personal tax return. 

TurboTax Business can create the tax return for the multi-partner business.  The software will create the required tax return (Form 1065) and K-1 forms for each of the partners to use then on their personal returns. 

TurboTax Business does not create individual tax returns, so you will need to use an individual tax product to create your personal income tax return.

To create a tax return that includes a W-2, K-1 form (from partnership) and 1099 MISC or self-employed business (independent contractor job) and if you have business expenses associated with the independent contractor job, then you will want to use TurboTax Home & Business (CD/Download) or TurboTax Self-Employed (Online version).  If you do not have business expenses associated with the independent contracting job (remember your partnership business expenses will be loaded on the partnership return Form 1065), then you can TurboTax Premier.  

Here is more product information about TurboTax individual return versions:

TurboTax Online Products

TurboTax CD/Download Products



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1 Reply
JulieCo
New Member

I have a full-time job I will receive a W2 from & I also have a multi partner partnership & another independent contractor job. Is Turbotax Business the version I need?

You will actually need two different versions of TurboTax - one to prepare the partnership return and one to prepare your personal tax return. 

TurboTax Business can create the tax return for the multi-partner business.  The software will create the required tax return (Form 1065) and K-1 forms for each of the partners to use then on their personal returns. 

TurboTax Business does not create individual tax returns, so you will need to use an individual tax product to create your personal income tax return.

To create a tax return that includes a W-2, K-1 form (from partnership) and 1099 MISC or self-employed business (independent contractor job) and if you have business expenses associated with the independent contractor job, then you will want to use TurboTax Home & Business (CD/Download) or TurboTax Self-Employed (Online version).  If you do not have business expenses associated with the independent contracting job (remember your partnership business expenses will be loaded on the partnership return Form 1065), then you can TurboTax Premier.  

Here is more product information about TurboTax individual return versions:

TurboTax Online Products

TurboTax CD/Download Products



View solution in original post

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