TurboTax Federal Business

Forum|Forum|2 years ago
January 27, 2024
1 reply
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Can I do both estate taxes and general partnership (LLC) taxes with the same TurboTax Federal Business software package?

The partnership is a small ranch in New Mexico that is leased out for grazing cattle and selling elk permits to outfitters. The estate has interest from a loan to a business that doesn’t end for 7 years.

TurboTax Business Windows

Anonymous_

Employee

@gssulte7 wrote:

Can I do both estate taxes and general partnership (LLC) taxes with the same TurboTax Federal Business software package?

Yes, you can do both. You will need to purchase a state return (NM) if necessary through the program.

gssulte7Author

I received another response that appears to counter your response:

TurboTax Business State products are sold separately by state, tax year, and business entity type.

Each TurboTax Business State product lets you prepare multiple business returns of the same entity type in the same state for the same tax year.

For example, if you need to file multiple California partnership returns for this tax year, purchase the current version of TurboTax Business California Partnership program and use it to prepare all your California partnership returns for this year.

However, if you need to file different entities in the same state (for example, California partnership and estate returns) or the same entity in different states (like corporations returns in both California and Arizona), you'll need to purchase a separate program for each state/entity type.

Do I need to purchase a TurboTax Business package to complete a return for an estate return and a separate TurboTax Business package to complete a partnership tax return?

Thanks

VolvoGirl

Employee

No you buy one Turbo Tax Business to do all your federal returns both Estate and Partnership. Then you have to buy each kind of state program separately from inside the Business program. The state answers are right.