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Veign
Level 1

Which version of TurboTax?

Finding it a little difficult to know exactly which version of TurboTax I need to use.  I have four, single member LLCs that I file under a single return.  Which version of TurboTax can hadle the entering of 4 LLCs under a single return?  The Business version says it handles multi-member LLCs and the Self-Employed doesn't say specifically I can enter 4 LLCs.

 

Thanks for any help...

1 Best answer

Accepted Solutions
HelenC12
Expert Alumni

Which version of TurboTax?

Single member LLC's are reported on your personal income tax return, Schedule C. The TurboTax programs you may use to file your income tax return, are the following:

 

Note: The higher the version, the more step-by-step guidance you'll receive.

 

You'll be able to deduct expenses, if they're directly related to the work you do. Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. Click here for additional information.

  • For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

 

Additional information: Where do I enter Schedule C?

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5 Replies
HelenC12
Expert Alumni

Which version of TurboTax?

Single member LLC's are reported on your personal income tax return, Schedule C. The TurboTax programs you may use to file your income tax return, are the following:

 

Note: The higher the version, the more step-by-step guidance you'll receive.

 

You'll be able to deduct expenses, if they're directly related to the work you do. Work-related expenses reduce your taxes by lowering the amount of self-employment income you get taxed on. Click here for additional information.

  • For example, if you made $50,000 in self-employment income and had $5,000 out-of-pocket expenses, you'd only get taxed on $45,000.

For state-specific questions regarding your work, click here to find your state’s Department of Revenue.

 

Additional information: Where do I enter Schedule C?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Veign
Level 1

Which version of TurboTax?

Will all the version create the Schedule C?

CarissaM
Intuit Alumni

Which version of TurboTax?

Yes, all of the above versions will be able to handle this. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ang111
New Member

Which version of TurboTax?

I have a C Corp where I am the single manager. The C Corp pays me my salary W2. Is the TurboTax Live Self-Employed what I should use or should I use something else?

KathrynG3
Expert Alumni

Which version of TurboTax?

No, a C Corp that pays you a salary on Form W-2 would be filing Form 1120, requiring TurboTax Business

 

For your individual tax preparation, you can start TurboTax Online for free, or use TurboTax CD/Download. TurboTax Online will automatically warn you if you need to upgrade. To see what is included at each level, from the Online link, scroll down and look for the link to select Learn More under any of the four options. Then, scroll down again looking for the tab TAX FORMS to best compare.

 

Filing Form W-2 is available at all levels of TurboTax Online and TurboTax CD/Download.

 

For TurboTax CD/Download, scroll to the View Forms link under any of the four offerings to find a list of forms included for that level.

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