We've used Self Employed/Premier, we no longer have a business or self employment to claim. Can we use Deluxe now? Business purchases were expensed for the year.

[mktgbs99]

We started with the TurboTax Live and imported previous year's taxes but all the questions pertaining to the self employment and business no longer apply. We were not actively conducting business, all purchases were expensed the same year with no depreciation. I realize we may have to start over but the only form I see we may need was to allocate the home office equipment from business to personal use.

Which software is best? We really want to simplify our tax filing going forward.

[AmandaR1]

What do you mean business purchases were expensed for the year? If you want to deduct any business expenses, you'll need self-employed.

[mktgbs99]

We no longer have a business to claim expenses...you have to read the details and not the heading to know there are none but that previous years they were claimed.

[AmandaR1 · Accepted solution]

Yes, it sounds like you might qualify to use TurboTax Deluxe, but it depends what else you have in your situation. Premier is necessary if you have a rental property or investments. Deluxe is great if you only have itemized deductions. 

If you don't have any business income or expenses and you disposed of or ended your business, last year, then you don't need to use TurboTax Self-Employed. 

You should have a final year return business return for whatever year you stopped your self employed business. If you had any assets in your business (like a vehicle or home office), then you should mark these disposed of and no longer used for business. I can provide instructions, if needed. 

The only difference between the editions is access to the additional sections and forms, so it won't make your return more complicated by having these sections. Of course, you shouldn't pay extra if you don't need the section!  

In the software, you can skip around them at anytime by clicking the tabs on top and selecting  I'll choose what I work on and then  Show me the full listing.

[mktgbs99]

This answer was helpful. Yes, we ended the business last year, but we do have assets to dispose of or change to personal use. They were purchased and expensed already and not depreciated. So to disposed of them and or switch them to personal use which version of TurboTax do we need to access the form? This is the only thing we need in regards to the final year return business return. Yes, please provide instructions.
Thank you!

[AmandaR1]

Glad to help.  If they were below the election amounts, so you didn't add them as assets to the software, then you do *not* need to report them disposed of if you simply stopped using them for business. If you actually sold them, you can report them under "Capital Asset" sales (under investment income). So, you won't need the self-employed business software because they were expenses (got it now!). Let me know if sales apply and I can get you instructions.

[mktgbs99]

You answered my question. All our expenses were Sec 179, and not sold. I guess the next step is to start over with filing using the Deluxe version. We already started using the TurboTaxLive. Thank you for your help!