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Level 1
posted Jan 26, 2022 9:03:41 AM

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
Level 15
Jan 26, 2022 9:05:34 AM

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.

Level 1
Jan 26, 2022 9:07:18 AM

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

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

Expert Alumni
Jan 26, 2022 9:07:31 AM

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. 

Level 1
Jan 26, 2022 9:13:54 AM

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. 

Expert Alumni
Jan 30, 2022 12:27:33 PM

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.   

Level 15
Jan 30, 2022 12:31:54 PM

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/00/26653