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Level 2
December 30, 2020
Question

Which TurboTax product?

Hello and thanks in advance for your help. I've always handed off the job of doing my taxes to a family friend/CPA, however, this year I'd like to attempt it myself, but I'm not quite sure which product to go with. Given the info below, which software should I buy?

-Homeowner, married filing jointly

-I'm employed full-time

-My wife was employed part-time for the first half of the year and just recently became a contractor

-I run two small LLCs on the side, one as a partnership

-I also run a non-profit organization

    4 replies

    Level 15
    December 30, 2020

    No version of TurboTax can prepare form 990 for the nonprofit. You would have to download the forms from the IRS website and do it yourself, or have your accountant prepare the return.

     

    For any of the LLC’s that require a partnership return, you need TurboTax Business. This is not the personal program, and is only available as a download or CD to install on a PC. There is no Mac or online version. Remember that partnership returns are due March 15, not April 15.

     

    For your personal tax return, which includes your wife’s schedule C, and your own schedule C if the other LLC is a single member LLC disregarded entity, you would need the TurboTax Self-employed version if filing online.  If using the desktop version installed on your own computer from a download or CD, you could use any version Deluxe or higher, but the Home & Business version has the most built-in assistance.

     

    If using TurboTax Online, you can upgrade to TurboTax Live version, which includes live online chat with a CPA or enrolled agent. The agent will not prepare your return for you and does not take responsibility in the way that your own accountant does, but they can provide extra guidance and assistance in review your entries (and of course the live online service costs less than a full CPA would charge to prepare your tax returns).  There is no live online assistance for the TurboTax Business program, but there may be phone support.

    Critter-3
    Level 15
    December 30, 2020

    Here are the 2 LIVE option add ons to the ONLINE version :   https://turbotax.intuit.com/personal-taxes/online/live/overview/