What type of TurboTax do I need?

[bprentice]

I'm a basic employee and my taxes are relatively simple. My wife has had her own business for several years (no employees, she was a subcontractor). In 2024, she became a fulltime employee for one of the businesses she subcontracted for (she was the only employee and ran the administration) while continuing her subcontracting with other companies. In 2025, she purchased that business. All of this time, we have been able to use TurboTax Home & Business. This year, we purchased Home & Business, but was finding nowhere to enter the Form 8594 that we were given for purchasing that business. I called TurboTax Support and they told me that I needed to use TurboTax Business. I purchased and downloaded TurboTax Business, only to immediately hit a brick wall due to my wife's business being a Sole Proprietor LLC. Which type of TurboTax am I supposed to use? I also want to get live tax expert advice in the package. 

[ThomasM125]

Since your spouse is reporting business activity as a sole-proprietor, you need to use the personal TurboTax product, not the Business version. TurboTax does not support the Form 8594, however, so you will need to complete that form online, then print it out and mail it along with your tax return. Here is a link to the Form 8594.

[bprentice]

Thank you, Thomas. I already received the 8594 from the previous business owner. How can I account for it in the TurboTax Home/Business Taxes owed calculation?

[ThomasM125]

You don't enter anything directly from the Form 8594 on your tax return, you just attach it to it when you file. The purpose of it is to aid you in entering your business assets on your tax return. 

You primarily use the information on it as a guide to set up your assets for depreciation. Class V on the return would list your depreciable assets such as furniture, equipment and real property. You need to enter each asset individually in the assets/depreciation section. The total will equal the amount reported in part V. Goodwill would be listed in part VII and you would set that up as intangibles subject to amortization in the assets/depreciation section.