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monteprieto
New Member

Which Turbo Tax program should I use to fulfill my needs?

I have W-2's from my regular Job, I have a 1099 from being an independent contractor (over $15,000 income), and I started a small business that lost money this year.  I would love to stick with Turbo Tax, but which program will be my best bet to utilize all 3 of these, and utilize the most write-offs that I have?

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Accepted Solutions
Howard1948
Level 7

Which Turbo Tax program should I use to fulfill my needs?

Thank you for your updated information.  Here's your situation:

The new multi-member LLC must file a tax return using Form 1065 just as a partnership would.  Form 1065 is included in TurboTax Business (not Home & Business) and is available on in the CD/Download version for Windows.  You can purchase and download it from here:  https://turbotax.intuit.com/small-business-taxes/  You will use the Schedule K-1 information included in that 1065 to prepare your personal income tax returns.

Since you also have a sole proprietorship, you will need either the TT online version called Self-Employed or any of the personal versions Deluxe or higher.  The sole proprietorship income and expenses are included on Schedule C of the Form 1040 that is included in those programs.  The K-1 from the 1065 discussed above will be used in connection with preparing your full tax return with the information entered from it beginning on Schedule E of Form 1040.  You cannot transfer data between TT Business and any of the personal tax programs.  That information will have to be entered manually from the K-1.


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5 Replies
Howard1948
Level 7

Which Turbo Tax program should I use to fulfill my needs?

What form of organization does you new small business operate as?
monteprieto
New Member

Which Turbo Tax program should I use to fulfill my needs?

I started a LLC
Howard1948
Level 7

Which Turbo Tax program should I use to fulfill my needs?

Single-member LLC or multi-member LLC?  Did you elect for this LLC to be treated as a C or S corporation?
monteprieto
New Member

Which Turbo Tax program should I use to fulfill my needs?

LLC multi-member.  I believe no on the C or S corporation, were just selling our brand apparel on an online store.
Howard1948
Level 7

Which Turbo Tax program should I use to fulfill my needs?

Thank you for your updated information.  Here's your situation:

The new multi-member LLC must file a tax return using Form 1065 just as a partnership would.  Form 1065 is included in TurboTax Business (not Home & Business) and is available on in the CD/Download version for Windows.  You can purchase and download it from here:  https://turbotax.intuit.com/small-business-taxes/  You will use the Schedule K-1 information included in that 1065 to prepare your personal income tax returns.

Since you also have a sole proprietorship, you will need either the TT online version called Self-Employed or any of the personal versions Deluxe or higher.  The sole proprietorship income and expenses are included on Schedule C of the Form 1040 that is included in those programs.  The K-1 from the 1065 discussed above will be used in connection with preparing your full tax return with the information entered from it beginning on Schedule E of Form 1040.  You cannot transfer data between TT Business and any of the personal tax programs.  That information will have to be entered manually from the K-1.


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