I used Home & Business last year but I'm a financial contractor and my business expenses are easily identified. Just need to know if Deluxe will allow me to enter a 1099 and a W2 and SE expense and properly calculate self employment tax. I'm about to purchase and just want to get the correct version.
No. If you are using the online version of TurboTax, then you will need TurboTax Self Employed if you have business expenses. TurboTax deluxe will only handle Schedule C without expenses.
No. If you are using the online version of TurboTax, then you will need TurboTax Self Employed if you have business expenses. TurboTax deluxe will only handle Schedule C without expenses.
This is probably one of the most helpful things. I am new to filing taxes as a business. So, it looks like I can file schedule C and 1099s with this software. If I use the TurboTax freedom, can I at the same time include W2s because I also worked for other companies or would I have to do that separate?
@ttrv1719 yes you file all your income (w2 & Sch C) on the same tax return. If you use Turbo Tax Online you can only enter self employment business expenses in the Self Employed version or any Desktop program.
You can enter all your income & expenses into Tax Freedom. For 2017, To qualify for the Tax Freedom website you just need to meet one of these 3 things
AGI $33,000 or less
Active duty military with AGI of $66,000 or less
OR qualify for EIC (earned income credit.)
In order to use the Tax Freedom Edition, you have to start it at a special website:
<a rel="nofollow" target="_blank" href="http://turbotax.intuit.com/taxfreedom/">http://turbotax.intuit.com/taxfreedom/</a>
Do not sign in at the top. Use the bottom I QUALIFY START NOW
and set up a new account or it will take you back to regular Turbo Tax.
How to switch to Tax Freedom
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3491786">https://ttlc.intuit.com/replies/3491786</a>
If I don’t qualify for tax freedom, what TurboTax filing option can I use? I want to be able to file W-2s from my employment jobs and my 1099s from Uber and Lyft. So I need to be able to electronically do SE, schedule C, and 1040. Unless I am missing another form, that’s all I should need. Any recommendations?
You will need to use the Self Employed version or buy any of the Desktop cd/download programs. All the Desktop programs have the same forms. You can see them here, <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/personal-taxes/cd-download/">https://turbotax.intuit.com/personal-taxes/cd-download/</a>
For Online......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.
How to enter income from Self Employment
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment">https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment</a>
will turbotax deluxe which I have purchased handle a self-employment tax return with itemized deductions and expenses
@gonzo91143 wrote:
will turbotax deluxe which I have purchased handle a self-employment tax return with itemized deductions and expenses
If you purchased the 2021 TurboTax desktop CD/Download edition to install on your personal computer it supports entry of self-employment income and expenses on Schedule C.
The TurboTax Deluxe online web based edition will not support entry of self-employment expenses and you would need to upgrade to the Self-Employed edition.