Turbo Tax Self Employed & Personal

[dktk1130]

We are using Turbo Tax Self employed. Do we need to use a different version for our personal filing (1040)?

[tagteam]

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@dktk1130 wrote:

We are using Turbo Tax Self employed. Do we need to use a different version for our personal filing (1040)?

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TurboTax Self-Employed is for your personal filing (1040 plus any relevant schedules, such as Schedule C for your business - sole proprietorship).

If you are trying to prepare a return for an entity (e.g, a multi-member LLC or corporation), you cannot do so with TurboTax Self-Employed.

[VolvoGirl]

No.  The Self Employed version is only for personal returns on 1040 that need Schedule C for self employment income.  You ARE filling out your personal return.  

Do you need to file a separate Business return?  Like a Partnership or LLC or 1065, 1120?

[dktk1130]

S Corp…...

[VolvoGirl]

To do the S corp return 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.

Home & Business Desktop program or the Online Self Employed version 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'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

[tagteam]

@dktk1130 If this is the first year for your S corporation, and/or you have never prepared a return for an S corporation previously, you might want to seek professional guidance and/or tax preparation.

[dktk1130]

Do I need to go to the store to get that version or can I download the link you provided?

[dktk1130]

We have previously submitted a S corp return, this is our first year doing it ourselves.

[VolvoGirl]

You can buy the download at the link.

[dktk1130]

I just want to make sure I am clear. I need to download the TT Business for my s-corp and TT home & business for my personal filing?

[DoninGA]

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@dktk1130 wrote:

I just want to make sure I am clear. I need to download the TT Business for my s-corp and TT home & business for my personal filing?

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Yes, you are clear in your understanding of what you need purchase and download.

[dktk1130]

Thank you!