Multiple income sources

[joezuke]

What product from Turbotax is best for someone who in a W2 employee but who also has a side business partnership LLC that generates income?

[VolvoGirl]

You will need 2 programs.  The Business program and a personal version.  For your personal return you need the Online Premium version Or buy any of the Desktop CD/Download programs for Windows or Mac.  All the personal Desktop programs have the same forms, you get more help in the higher versions.  

For the LLC you will need Turbo Tax Business for Windows.   It is not available to do online or on a Mac.  And it will not do your personal 1040 return.  You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

[rjs]

Note that TurboTax Home & Business and TurboTax Business are two different products.

The Form 1065 partnership tax return that you prepare with TurboTax Business will include a Schedule K-1 for each partner. You have to enter information from your Schedule K-1 into your personal Form 1040 tax return, so you have to prepare the partnership return before you can finish your personal return.

The due date for a partnership tax return is March 15, not April 15. The penalty for late filing of a partnership return is steep.