Do I need both Turbo Tax Online and Turbo Tax Business if my wife and I both co-own a 2-member LLC and I have a separate salaried income (W-2)?

[vchang1969]

Long time user of TT Personal. I understand I need to use TT Business for a 2-person LLC and that I likely have to also purchase TT to file a 1040.

Do these two programs talk to one another such that I can easily transfer over the relevant data?  Like importing the K-1?

[SweetieJean]

Are you in a Community Property State?
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...>

[DDollar · Accepted solution]

Yes, you will need TurboTax Business to prepare a Form 1065 for the 2 member LLC (unless you have elected S-Corp status, in which case you use the program to prepare Form 1120-S).  You will also need the personal program. Unfortunately, you will have to enter the information from the K-1s into TurboTax Home & Business manually.

For information on the programs, and to order see the following:

TurboTax Business

TurboTax Desktop Products Comparison

[SweetieJean]

Note that Form 1065 was due back on March (not April) 15.