Question

Confused on which version I need of TurboTax - Sch K1 and LLC Miles?

Forum|Forum|5 years ago
May 11, 2021
1 reply
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Every year it seems this is a struggle, and we're pushed to use online versions but I file taxes for more than one person so it's cheaper to use the download version. My understanding is they all have 5 files per license, that was in the past anyway?

I have an LLC so I have a Sch k-1 number from that and I also track my miles travelled for a personal expense. Last time I used Home & Business, but this time I am seeing Premiere and Deluxe offer K1 information to be entered. Do they also include stocks, and miles travelled for business to be entered?

K

KristinaK

Employee

If you have several tax returns to prepare, then TurboTax Desktop version seems to be the most cost-efficient.

Although any version of TurboTax Desktop (that is not the case for TurboTax Online) can handle situations you've described, the higher versions (Premier and Home & Business) are specifically designed for certain situation and have a step-by-step flow designed for those situations. I would recommend purchasing TurboTax Desktop Premier.

Having said that, if your LLC is a multi-member LLC or it elected to be treated as a corporation, in addition to the Premier version, you would need TurboTax Business to prepare an entity return.

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