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Level 2
posted Mar 6, 2020 11:36:04 PM

Turbo Tax Business and W2 from Part-Time Job

I purchased TurboTax Business because I have a Multi-Member Partnership LLC, but also worked a regular job for half the year and received a W2. Does TurboTax Business also include my w2 forms for my previous job?

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1 Best answer
Level 15
Mar 7, 2020 5:07:22 AM

No. You need TurboTax business to prepare the multimember LLC tax return. That will create a K-1 form for each member. Then, you need one of the personal versions of TurboTax to prepare your personal tax return. You will include the K-1, any W-2 jobs, and all of your personal deductions and credits such as state income taxes paid, mortgage interest, and charity donations. If you have a K-1 and not a schedule C, you can use the Premier version of TurboTax for your personal tax return.

1 Replies
Level 15
Mar 7, 2020 5:07:22 AM

No. You need TurboTax business to prepare the multimember LLC tax return. That will create a K-1 form for each member. Then, you need one of the personal versions of TurboTax to prepare your personal tax return. You will include the K-1, any W-2 jobs, and all of your personal deductions and credits such as state income taxes paid, mortgage interest, and charity donations. If you have a K-1 and not a schedule C, you can use the Premier version of TurboTax for your personal tax return.