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February 26, 2025
Question

Do I  need the Business Edition?

  • February 26, 2025
  • 1 reply
  • 0 views

We purchased a franchise with a loan from Solo 401k.  There were alot of upfront costs, but we ended up making very little in income: do I need the Business Edition?

In the past we have been listing hobby businesses and renal property on a Schedule C on turbo tax Deluxe.

    1 reply

    PatriciaV
    Employee
    February 26, 2025

    If you didn't form a partnership or have an LLC that is an S-Corp, you can report this activity on Schedule C of your personal tax return. 

     

    Note that TurboTax Home & Business has expanded interviews and specific On Demand Guidance in the program that you may find helpful reporting your new business.

     

    TurboTax Business is used to prepare a business tax return.

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