Which version of TurboTax?

[Veign]

Finding it a little difficult to know exactly which version of TurboTax I need to use.  I have four, single member LLCs that I file under a single return.  Which version of TurboTax can hadle the entering of 4 LLCs under a single return?  The Business version says it handles multi-member LLCs and the Self-Employed doesn't say specifically I can enter 4 LLCs.

Thanks for any help...

[HelenC12 · Accepted solution]

Single member LLC's are reported on your personal income tax return, Schedule C. The TurboTax programs you may use to file your income tax return, are the following:

• For the TurboTax Online version, you may use TurboTax Self-Employed, and TurboTax Live Self-Employed.

• For the TurboTax CD\Download version, you may use Deluxe, Premier, or Home & Business.

Note: The higher the version, the more step-by-step guidance you'll receive.

You'll be able to deduct expenses, if they're directly related to the work you do. Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. Click here for additional information.

• For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

Additional information: Where do I enter Schedule C?

[Veign]

Will all the version create the Schedule C?

[CarissaM]

Yes, all of the above versions will be able to handle this. 

[ang111]

I have a C Corp where I am the single manager. The C Corp pays me my salary W2. Is the TurboTax Live Self-Employed what I should use or should I use something else?

[KathrynG3]

No, a C Corp that pays you a salary on Form W-2 would be filing Form 1120, requiring TurboTax Business. 

For your individual tax preparation, you can start TurboTax Online for free, or use TurboTax CD/Download. TurboTax Online will automatically warn you if you need to upgrade. To see what is included at each level, from the Online link, scroll down and look for the link to select Learn More under any of the four options. Then, scroll down again looking for the tab TAX FORMS to best compare.

Filing Form W-2 is available at all levels of TurboTax Online and TurboTax CD/Download.

For TurboTax CD/Download, scroll to the View Forms link under any of the four offerings to find a list of forms included for that level.