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Turbo tax program

Which Turbo tax program is best for me? I need to file 2019 and 2020 taxes for a partnership and personal taxes, state and federal.

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3 Replies

Turbo tax program

You have to file each year separately.  So you will need 4 programs.  You can only do 2020 personal return online.  You will have to buy the other desktop programs.

 

FOR PARTNERSHIP RETURNS

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.


Home & Business (or Self Employed) is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

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 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

 

You can buy prior year Business programs here (last one on the right). 
https://turbotax.intuit.com/personal-taxes/past-years-products


Window System Requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

 

FOR PERSONAL RETURNS

For 2020 you can use the Online version or buy the CD/Download Desktop program.

You can start an Online return here,
https://turbotax.intuit.com/personal-taxes/online

 

You can see the Desktop programs here,
https://turbotax.intuit.com/personal-taxes/cd-download

 

FOR 2019 PERSONAL

To do a prior year return you have to buy the Desktop program here,
https://turbotax.intuit.com/personal-taxes/past-years-products 

Turbo tax program

Note that a penalty is assessed against the Partnership if it is required to file a partnership return and it (a) fails to file the return by the due date, including extensions, or (b) files a return that fails to show all the information required, unless such failure is due to reasonable cause.

 

The penalty is $210 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due. 

Turbo tax program


@Boyette5 wrote:

Which Turbo tax program is best for me? I need to file 2019 and 2020 taxes for a partnership and personal taxes, state and federal.


You should most likely consult with a tax professional at this point.

 

See https://taxexperts.naea.org/

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