Home and Business is desktop software; Self-Employed is online software. Both can be used for personal returns if you are self-employed.
They are the same. The Home & Business version is the name of the Desktop CD/Download program . The Self Employed version is for the Online version. There are differences in online & Desktop. They have different features and different pricing structure.
Online is only good for one return per account.
All the Desktop versions have the same forms so you can use a lower version. You just get more help in the higher versions. You can see and buy the Desktop versions here, https://turbotax.intuit.com/personal-taxes/cd-download/
And the Desktop program can do unlimited returns and efile 5 Federal for free.
You can see and enter directly into the actual forms.
There is a What-If worksheet.
Basic does not include a free state program and has some other limitations like doesn’t import from It’s Deductible.
Deluxe and above include one free state program download to prepare returns for the same state. Then each state return is 19.99 to efile (goes up to 24.99 in March). Or you can print and mail state for free. If you need to also file a state return for a different state it is 39.99 to buy an additional state program.
TurboTax Business - Used to prepare and file a tax return for a non-breathing non-living separately taxable entity. For example:
C-Corp - prepare and file the 1120 Corporate Return.
S-Corp - prepare and file the 1120-S Corporate Return.
Partnership - Prepare and file the 1065 Partnership/Multi-member LLC Return.
Estate/Trusts - Prepare and file the 1041 return for an estate or trust.
TurboTax business does not include the 1040 tax return and therefore can not be used to complete or file a tax return for any living, breathing taxable human. TurboTax Business is only available on CD and is only for the Windows operating system. It is not available as an online product and is not available for MACs.
TurboTax Self-Employed - Just like the other versions below it, the Self-employed version can be used to file a 1040 personal tax return. But it also includes the SCH C for a sole proprietorship or single member LLC which are considered disregarded entities by the IRS. It also includes the SCH E for rental income as well as SCH F for farm income. This is only available as an on line product
Home & Business - The is the CD version that must be installed on your computer. The only difference between this version and the self-employed version is the spelling. Self-Employed is what the online version is called. Home & Business is what the CD/Desktop version is called.
Thank you for this information, that is very helpful. I now know that I want the Home and Business product.
Thank you VolvoGirl, I appreciate the information. Very helpful.
Hi,
In 2020, I sold a rental property. Separately, I set up a single-member LLC (I'm the only member) to manage another rental property. I also have a W2 and have exercised stock options. Can I use Turbotax Home and Business? I prefer the download/desktop version.
Thank you.
TurboTax Home & Business is a desktop program and TurboTax Self Employed is the online equivalent. There are different pros and cons for using each.
The most notable pro for using the online software is the option for one-on-one guidance by one of our tax specialists.
The most notable pro for using the desktop software is the ability to e-file up to five Federal returns.
Thank you. So, can I use Turbotax Home and Business for a single-member LLC (myself), sale of a rental property, W2 and stock option?
Yes unless you set up your Single Member LLC as a S corp. If you are an S corp you need to file an 1120-S return for it in addition to your personal return. Then you need Turbo Tax Business, not to be confused with Home&Business.
Yes, Home & Business will handle the W-2, sale of rental property, and reporting stock options. It will also handle a single-member LLC as it is a disregarded entity and is reported on Schedule C and your personal Form 1040. You only need TurboTax Business if your LLC had multiple members or is incorporated.
Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.
Thank you @DawnC and @VolvoGirl. Since my single-member LLC is for a rental property, can I just use Turbotax Premier?
You can use any Desktop program. All the Desktop programs have the same forms, you do get more help in the higher versions.
The Home & Business is $80(Amazon) while Self-Employed is $100($120-$20 Amex discount)
Is the more costly $20 for that one-on-one guidance?
And since the H&B can e-file five Fed returns, then the $80 spent is good for this year and four more years to come?
No it's 5 efiles for different people for the same year. Like if you do returns for your children or parents, etc. You can do unlimited returns and efile 5. The rest you can print and mail. Also if you do a state return it is $25 to efile each state return including the first one. Or you can print and mail state for free.
You have to buy a new program each year.
Oh thank you!
Do you think the extra $20 on that Self-Employed is worth it if you're never going to use the one-to-one?
I am transitioning from the online (free version) and have no knowledge whether the desktop software is as easy as you would use the online version.
Your insight is appreciated.
The Desktop program has more features AND you can buy a lower version. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
And the Desktop program can do unlimited returns and efile 5 Federal for free.
You can see and enter directly into the actual forms.
There is a What-If worksheet.
Basic does not include a free state program and has some other limitations like doesn’t import from It’s Deductible.
Deluxe and above include one free state program download to prepare unlimited returns for the same state. Then each state return is $20 to efile (goes up to $25 in March). Or you can print and mail state for free. If you need to also file a state return for a different state it is $40 to buy an additional state program.
If you buy Deluxe in the stores it comes 2 ways, Deluxe with State and without state for states that don't have an income tax. So watch what you buy. It should say Federal+Efile+State.
You can transfer from online into the Desktop program. Transfer from Online into the Windows Desktop program.
One way is to start a 2020 Online return and transfer into that. Then you can download the .tax2020 file from online and just OPEN it in the Desktop program.
In the Desktop program be sure to save frequently. Your return is only saved and stored on your computer.
Thank you for your sharing.
So it all points to the desktop better than the online.
So I already are halfway thru the online Self-Employed version for 2020.
I should get it done short to submitting (because that's where you are charged) and at that time transfer it to the desktop version?
that'd be most ideal to avoid me doing the online stuff over again on the desktop.