Best version question

Forum|Forum|1 year ago
January 12, 2025
1 reply
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For filing 1. joint (married) 2. small business and 3. rental property, which version of turbotax would be most appropriate?

xmasbaby0

Level 15

We need to know about the "small business." Please provide details.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

wg668Author

Level 2

small business - very small - owner (myself) and 2 employees - online software service witrh income < 200K/year

rjs

Level 15

and the LLC can be completed and filed on the premium version? Thanks so much for your detailed response.

xmasbaby0 is assuming that you have a single-member LLC. But you said that you are the "chief officer" of the LLC. That sounds like there are other members of the LLC. If it's a multi-member LLC it has to be treated as a partnership. That means that the LLC has to file a partnership tax return, Form 1065. You can do that with TurboTax Business, not with Premium. So you have three tax returns that you have to file.

There is a possible exception if you and your spouse are the only members of the LLC and you live in a community property state.

If the LLC has filed an election with the IRS to be treated as an S corp or a C corp, then of course it has to file the appropriate corporation tax return instead of a partnership return.