What is the difference between the Home and Business and Self-Employed versions of TurboTax?

[ErnieS0]

@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.

[dakotagal21]

I beg to differ. It is not the same thing. 

[professorgreg]

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. 

[VolvoGirl]

@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

[jscott1000]

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.

[macuser_22]

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@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.

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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.

[VolvoGirl]

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.  

[professorgreg]

Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version. 

[macuser_22]

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@professorgreg wrote:

Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version. 

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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.

[VolvoGirl]

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@professorgreg wrote:

Right. So they are not the same. Like you said, you can't file LLC taxes with the self-employed version. 

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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.  

[CBCSCNS]

Having an issue entering self employed  health insurance payments with the online version.  Any suggestions?

[JohnB5677]

It may not be where you expected it.

In the Online version go to:

1. Income & Expenses
2. Scroll down to Other Business Situations > Show More
3. Select Self-Employed Health Insurance Paid