Which turbo tax program do I use if I own a s corp and my s corp then owns two LLC's

Forum|Forum|6 years ago
June 4, 2019
4 replies
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I have intuit turbo tax and wasn't sure if I could file my taxes with it because I 100% own my S Corp and my S Corp owns two LLC's

TurboTax Business Windows

KennethB

Yes, you can use TurboTax to file your taxes for both your business and personal taxes. Use TurboTax Business to prepare your S-Corporation tax returns, as well as your two LLC tax returns (multi-member LLC's).

TurboTax Premier and Home & Business will allow you to enter a K-1 as part of preparing your individual income tax return.

anneglanville

How many Turbo Tax versions do I need to buy to prepare an S-corp, LLC and 4 individual tax returns?

ColeenD3

Two. You will need one Business return for the Corporation and Partnership (LLCs) and one personal program.

Both TurboTax Online Premier and Self Employed will handle the K-1, but if there is a 1099-Misc that also has to be included, you will need Self-Employed.

Rick19744

Employee

What hasn't been addressed here, are the LLC's which you state are owned by the S corp, single member LLC's?

This is an important factor.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

anneglanville

The LLC is a multi member for a rental property. I just purchased Turbo Tax Business. Which other version do I need to purchase to complete 4 individual returns for family members? Some will have K-1's from the S-corp and the LLC. Thank you.

anneglanville

And the LLC is owned by 2 trusts, not the s-corp.

houston_taxes_125

So it sounds like you need to buy separate versions for submitting personal vs. a business? You can't buy the highest version and then just use twice? I full own topmarq, a c-corp, but normally have to do the 'self-employed' version of turbotax anyways because I worked out of the country for a bit. So can i just buy one or does it keep the personal separate. Thanks! Sorry for thread jacking, just seemed pretty close to my question.

VolvoGirl

Employee

Yes sorry. You need to buy the separate Business program (not the same as Home & Business) in addition to a personal version. 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

How have you been doing your C corp taxes? Is this the first year? If you haven't done a Business return before you should go to an accountant and get it set up right.

houston_taxes_125

gotcha ok that makes sense! Thanks for confirming and yes it will be my first year, so that makes sense. I will check out first with an accountant. Appreciate the help!