To claim a business start up expenses of $5000, which Turbo Tax version to use? Deluxe?

[Vanessa · Accepted solution]

If this is a sole proprietorship, you will need to use TurboTax Self-Employed to enter your business start-up expenses which will go on Schedule C. 

If this is a Partnership or S-Corp you will need to use TurboTax Business to prepare a 1065 or 1120S which will then generate a Schedule K-1 which you can then enter into TurboTax Deluxe through the following steps:

1. Click on Federal Taxes
2. Income & Expenses
3. Scroll down to Business Investment and Estate/Trust Income and click Show More
4. Click Start next to Schedule K-1