turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rjzottz
Returning Member

Which 2020 turbo tax product should I purchase for my single member LLC with a subchapter S election?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Which 2020 turbo tax product should I purchase for my single member LLC with a subchapter S election?

You need Turbo Tax Business.
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's (Win 8 or newer) 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

 

Windows system requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

 

 

rjzottz
Returning Member

Which 2020 turbo tax product should I purchase for my single member LLC with a subchapter S election?

Thanks for the response but is there a state return for a single person LLC who elected subchapter s? I filed an 1120S last year but do not know if I did or was required to do a state return. If so, is there a turbo tax version with both the federal and state income tax return?

Which 2020 turbo tax product should I purchase for my single member LLC with a subchapter S election?

You buy the Business State program separately (if they have one for your state) from inside the federal Business program.  State Availability dates for Business returns,
https://ttlc.intuit.com/questions/1908856-forms-availability-table-for-turbotax-business-state

 

Click on State Additional under the price on this Buy Business page

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

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies