My husband and I have investment income and use TurboTax Premier to file our tax return. This year we started an LLC that is being taxed as an S-Corp and so I understand that I would need TurboTax Business to file the 1120-S form. However we also need to report the income, expenses, and self employment taxes associated with the business on our individual return along with the investment income. I read that in order to claim expenses for the business, we would need the Home and Business product. Do I really need to buy 3 different products to handle our situation (Business for the S-Corp, Premier for the investment income and Home and Business for the business expenses)?
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You are not required to use the desktop Home & Business edition to report your self-employment income and expenses on a Schedule C. You can use the Premier edition. The software will recommend using Home & Business but that is only a recommendation Not a requirement.
You are not required to use the desktop Home & Business edition to report your self-employment income and expenses on a Schedule C. You can use the Premier edition. The software will recommend using Home & Business but that is only a recommendation Not a requirement.
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