Do I need separate turbo tax programs for each business i own?

[drjameskay]

We own an LLC, an S Corp, and rental property. I also have self-employment income/expenses, and w2 income. Do we need three separate products for Turbo Tax or is there one product that would handle all of this?

[VolvoGirl · Accepted solution]

No.  But you need separate programs for Business and personal returns.

You need Turbo Tax Business for the S corps can maybe the LLC depending how it's set up.

TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Home & Business (or Self Employed)  is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You will get a schedule K-1 (or a W2) from the business return to manually enter into your personal 1040 return.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes H

[TaxGuyBill]

The S-corporation should usually issue BOTH a K-1 and W-2.

[drjameskay]

We'd need the business for the LLC, too. Can I do two businesses (the S Corp and the LLC) on one Turbo Tax Business product, or do I need to buy two?

[TaxGuyBill]

You only need one of each product.

If it is a Single Member LLC, it goes on Schedule C of your personal tax return.  If it is a Multi-Member LLC, that is a Partnership, and the Business program can do both the S-corporation and Partnership with only one purchase of the product (States could be extra).

[VolvoGirl]

Yes Turbo Tax Business can do all your federal business returns.  Do you have a Windows computer you can install it on?

For state business returns you have to buy state extra.  Preparing state tax returns for more than one business?

When they are the same types of businesses (such as two S Corps) and file taxes in the same state, buy one product and use for all at no extra charge. Business State efile included.

When they are the same types of businesses (such as more than one LLC), but file taxes in different states, buy one product per state for $49.99. Business State efile included.

When they are different types of businesses (such as an S Corp and a partnership) and file taxes in the same state, purchase one product for each business type for $49.99 per each business type. Business State efile included.

[RICCO1957]

Thanks, your answer was on point.