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clopez8651
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I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

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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I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

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.

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on
  • Scroll down to Business Items
  • On Business Income and Expenses (Sch C), click on the start or update button
  • On Schedules K-1, Q, click the start or update button

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4 Replies

I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

You shouldn't have self employment income associated with the S-Corp.

I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

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.

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on
  • Scroll down to Business Items
  • On Business Income and Expenses (Sch C), click on the start or update button
  • On Schedules K-1, Q, click the start or update button

I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

All the desktop editions include the same forms and schedules regardless of which edition is used.

I use TurboTax Premier for investment income, but need to also report self employment income and expenses - can I use one product for both?

No.  You don’t report the S corp income & expenses on your personal return.  You just enter the W2 or K-1 you get from the S corp return.  You only need one personal program for your personal return.  You would never need 3 programs.

All the Desktop personal programs have the same forms.  So you can use Premier to enter the
K-1.  
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