Which Turbo Tax product do I need for my LLC business?

[Anonymous_ · Accepted solution]

"Which Turbo Tax product do I need for my LLC business?"

If you have a multi-member LLC (other than two spouses who own the company in a community property state and make a certain election), then you need TurboTax Business (link below).

Note that TurboTax Business must be installed and run in a Windows environment and there is no Online version.

https://turbotax.intuit.com/small-business-taxes/

[SweetieJean]

Is it an S Corp?

[rebel0428]

No

[lkjsdfa8]

Re:  Taxes for an LLC:

"If you have a multi-member LLC TurboTax Business."

What if it's a Single member LLC taxed as an S-Corp?

Thanks

[VolvoGirl]

Yes if you are a Single Member LLC that is a S corp you need to file a separate Business return for it.

You need Turbo Tax Business.

The small business program (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 the Desktop Home & Business program or the Online Self Employed version.

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