Recommended Turbotax option

a5axis · ‎June 5, 2019

this year I will be filing a small business as self-proprietorship using 1099's, is there a turbotax option package I should use or just simply the turbotax deluxe?

ThomasM · ‎June 5, 2019

As a sole proprietor with 1099-MISC income, you can only use TurboTax Deluxe online if you're not going to claim expenses for any of that income. If you want to deduct your expenses, then you'll need to upgrade to TurboTax Self-Employed.

The advantage of claiming expenses is that you can deduct them right off the top of your self-employment income, thus giving you a lower "net" amount of SE income to be taxed on.

View solution in original post

ThomasM · ‎June 5, 2019

As a sole proprietor with 1099-MISC income, you can only use TurboTax Deluxe online if you're not going to claim expenses for any of that income. If you want to deduct your expenses, then you'll need to upgrade to TurboTax Self-Employed.

The advantage of claiming expenses is that you can deduct them right off the top of your self-employment income, thus giving you a lower "net" amount of SE income to be taxed on.