Home and Business vs Business

Forum|Forum|3 years ago
January 25, 2023
2 replies
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Does home and business do everything that business will minus import of QuickBooks import capability? For example a newly formed LLC . Thanks

TurboTax Home & Biz Windows

Anonymous_

Employee

@Whippoorwill wrote:

Does home and business do everything that business will minus import of QuickBooks import capability? For example a newly formed LLC . Thanks

No. Although you can use TurboTax Home & Business for a single-member LLC (without an election to be trated as a corporation), you need TurboTax Business to prepare a Form 1065 for a multi-member LLC.

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

Opus 17

Employee

Home&Business is the desktop version of "Self-Employed" online. It can prepare a schedule C for a single member LLC treated as a disregarded entity, but it can still only prepare a personal 1040 along with its required schedules and attachments.

Likewise, Turbotax Business can only prepare business and estate returns (1065, 1120, 1041, etc.) and can't prepare a personal 1040. If you have a multi-member LLC, you will need Business for your LLC, and you will then need some version of Turbotax personal edition (Deluxe, Premier or H&B) to prepare your personal 1040.

kapowret

I saw this answer (Jan 2023). Is it still the same as Jan 2024 - Cannot use Business for personal 1040? I only ask because I called and got conflicting responses. So unsure what is current.

Thanks KFP

VolvoGirl

Employee

Right still the same way. Turbo Tax Business and Turbo Tax Home & Business are not the same. Home & Business is for personal 1040 returns that need Schedule C for self employment income. You can use either the Desktop program or the Online version for your personal return.

Turbo Tax Business is a separate program from Home & Business. TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns. Not for self employed independent contractors. Turbo Tax Business is not available to do online or on a Mac, only for Windows. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.