Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
flobergjim
New Member

Which version of Turbo Tax should I use? And do I need to select the version upfront when I begin entering data?

My adjusted gross income will be approximately $400,000.  Of that, approximately 1% will be from self-employed business.  When I log into my account at Turbo Tax it is recommending that I use Turbo Tax Self Employed.  Is this really appropriate given how insignificant my self-employment income is?

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

Which version of Turbo Tax should I use? And do I need to select the version upfront when I begin entering data?

If you use TurboTax Online you have to use TurboTax Self-Employed if you have any business expenses or you have self-employment income that is not reported on a Form 1099-MISC. You can only use a lower edition if all your self-employment income is on a 1099-MISC and you have no expenses for your self-employed business.

You do have to select the edition you are going to use before you enter any data.

If you use the CD or download TurboTax software you can use any edition. TurboTax Home & Business would give you a more detailed interview and extra help for reporting self-employment, but if your situation is simple, or you are comfortable with the details of how to report it, one of the lower editions would be fine.

The amount or percentage of your income that is from self-employment is not a significant factor in deciding what program to use.

View solution in original post

1 Reply
rjs
Level 15
Level 15

Which version of Turbo Tax should I use? And do I need to select the version upfront when I begin entering data?

If you use TurboTax Online you have to use TurboTax Self-Employed if you have any business expenses or you have self-employment income that is not reported on a Form 1099-MISC. You can only use a lower edition if all your self-employment income is on a 1099-MISC and you have no expenses for your self-employed business.

You do have to select the edition you are going to use before you enter any data.

If you use the CD or download TurboTax software you can use any edition. TurboTax Home & Business would give you a more detailed interview and extra help for reporting self-employment, but if your situation is simple, or you are comfortable with the details of how to report it, one of the lower editions would be fine.

The amount or percentage of your income that is from self-employment is not a significant factor in deciding what program to use.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~