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Which version of Turbo Tax

I normally buy the Premier edition for the rental portion but late last year I started my own LLC and don't have a clue which version will help me with that.  I should add that I only had one sale (this is a side gig at the moment) for $200 and already paid the state their share.  My "profit" was only $14 but I imagine the Feds will still want me to file something.

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6 Replies

Which version of Turbo Tax

If your LLC is a single-member LLC without an election to be treated as a corporation, then you can use TurboTax Self-Employed if you want to use an online version.

 

Otherwise, you can use any desktop (installed on a computer) version of TurboTax.

Which version of Turbo Tax

Yes its just me.  No employees.  Run out of my home office.

So to be clear, I can get just the Premier Edition?

DMarkM1
Expert Alumni

Which version of Turbo Tax

If you have business deductions you will use the Self-employment version.  If you start with Premiere you will be prompted if/when you need to upgrade. 

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Which version of Turbo Tax

I have a similar question. However based on your situation, I don't see why you need to upgrade to self-employed version yet. A little disappointed at how they answer questions. 

GeorgeM777
Expert Alumni

Which version of Turbo Tax

No, you do not need TurboTax Self-Employed provided you have no business expenses.  If all you have is business income, with no expenses, then TurboTax Deluxe will be sufficient.  However, to the extent you wish to also deduct business expenses, whatever they may be, then you will need TurboTax Self-Employed.   

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Which version of Turbo Tax

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.

 

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

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