They are basically the same thing. "Home and Business" is the name of the CD/downloaded version and "Self-Employed" is the name of the Online version.
The Online "Self Employed" has some different "work flows" that navigate you a bit differently, but I would always recommend a CD/download version over an Online version.
They are basically the same thing. "Home and Business" is the name of the CD/downloaded version and "Self-Employed" is the name of the Online version.
The Online "Self Employed" has some different "work flows" that navigate you a bit differently, but I would always recommend a CD/download version over an Online version.
You can't cover 401K contributions for yourself or matching contributions by the business is what I'm seeing. You must have home and business for these deductions. If I'm wrong please tell me.
Two questions -
1. Why your preference for DVD vs online? I've always been DVD and keep the disk in my annual tax notebook, but am thinking about yielding this year to Intuit's push toward online. Only because I'm tired of the time it takes me to resist the push, while updating some of my Customer info. Aside maybe from better security, is there a good reason to stick with the DVD version?
2. Do both versions allow for reporting of employer and employee owner-only 401K contributions?
Second question first, both the TurboTax Online Self-Employed and the CD/downloaded TurboTax Home and Business can handle reporting of employer and employee owner 401k contributions.
Here is my opinion on the differences between online and CD/downloaded TurboTax:
Take a look at the following article for another comparison of the different versions: What's the difference between TurboTax Online and TurboTax CD/downloaded versions?
I can tell you from personal experience if you have to file an update to your return for anything other than the current year you are going to hate the online cloud based version. I had to file an update for the previous year and the online version had no provision to download previous year's version. I had to buy the download version for that year and start completely over from scratch to duplicate my return in the software based on a saved PDF copy. It was a huge pain. If you have the download or DVD you can just load it up and go.
@jscott1000 You didn't have to buy it again or start over to amend. We could have helped you get the Desktop program and download the .tax2019 file from online to continue.
Yeah well I appreciate you are willing to help folks out but I literally purchased both versions the same day and I didn't see an option that says "the online version doesn't do what I need for it to do and therefore I don't have to pay again for the download version" But it's nice to know for the future.
Bottom line irrespective of price the download/DVD has features the online version does not have. I will be a downloader for as long as that option exists.
YAY! for TaxGuyBill. A simple answer to a simple question! Why couldn't TTax people just tell me that on the phone?
I have been "stuck" for five days with the online version trying to enter my full $63,500 deduction from an individual 401k...or more specifically, after entering the information receiving the FULL deduction from this PRETAX entry....The screen only allows for half to be deducted which I think is the limit for a different 401k product. This is for the INDIVIDUAL 401k and it seems the online version does not allow the full deduction...any advice??
@taxmountain21 Your deduction amount may be limited by your income.
To compute the maximum 401(k) employer contribution:
Related Resource:
Thank you. The calculation verifies the maximum deduction. This is not the issue.
$63,500 is the max...and TurboTax is not allowing it!!!
Couple things, you said PRETAX entry above. What did you mean by that?
And this is on Schedule C income? Do you have enough Net Profit? If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes. See IRS publication 590 http://www.irs.gov/pub/irs-pdf/p590a.pdf
And 401K might use the same limits as an individual 401K.
Ernie, I'm having a related problem. I have input both Employee and Employer Match contributions for a solo 401k, but only the Employee contributions are being deducted from my income. The Employer contributions are not being deducted (they should be deducted as business expenses). It seems to be a problem with the software, as I can't find any other solution. Do you have any suggestions? Is there a problem with the software, in processing the Employer Match contributions? Thanks.
@MK48 TurboTax works correctly for a Solo 401(k) plan. The employer contribution does not come off as a business expense. It is deducted as an adjustment on your Form 1040 on Schedule 1, line 15.
They are NOT the same. You apparently can't file form 1065 or generate a K1 for your LLC with the self-employed version, but I was told by TurboTax professionals that you need self-employed to enter the information from the K1 on your personal return. So if you have a partnership LLC, you need both.
@professorgreg What is not the same? The Online Self Employed Version is the basically same as the Desktop Home & Business program. They are both for filling out schedule C in your personal return. You can enter a K-1 into both versions.
Now if you need to prepare the 1065 or Partnership LLC you need to buy Turbo Tax Business, not to be confused with the personal Home & Business version. TT Business is not available to do online or on a Mac. And you can have both the Business program and the personal Home & Business program installed on the same computer.
You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes
You're joking? They are not even close to the same. For one, it is impossible to see a form in the online version. If you feel comfortable sending in your taxes without ever seeing an IRS form, that's fine. But I like to see what it is I'm signing. For two they are completely different programs that were apparently written by different groups within Intuit. And if you ever need to submit a revision a year later you can forget doing it with the online version. I will never again use the online version unless they truly do every become the same thing.
@jscott1000 wrote:
You're joking? They are not even close to the same. For one, it is impossible to see a form in the online version. If you feel comfortable sending in your taxes without ever seeing an IRS form, that's fine. But I like to see what it is I'm signing. For two they are completely different programs that were apparently written by different groups within Intuit. And if you ever need to submit a revision a year later you can forget doing it with the online version. I will never again use the online version unless they truly do every become the same thing.
The interview is almost identical. The desktop version has additional features such as the form mode which is not intended for data input and other features. You can see all the forms in the online versions by printing "all forms and worksheets" that gives the same information.
Right. There is no comparison between the online version and the Desktop program. They are different. I use the Desktop program. I was talking about the versions being similar. And that Home & Business was the equivalent of the Self Employed version. The other poster seemed to be confused with the separate Business program.
Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version.
@professorgreg wrote:
Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version.
The discussion was about "Home & Business" desktop and "Self-employed" online neither one supports the 1041 form that requires TurboTax "Business" - a totally different product.
The name "Home & Business" confuses some to think that it has the same features as "Business" which it does not.
@professorgreg wrote:Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version.
Depends what kind of LLC. If it is a Single Member LLC you file it on Schedule C in your personal tax return. So you can use the Self Employed version or any personal Desktop program
If it is a Single Member LLC that is an S Corp or other types of LLC like a partnership you need the separate Windows Business program.