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January 10, 2021
Question

Which version of Turbox do I need to purchase to help me get the max refund for single member LLC started in 2020?

  • January 10, 2021
  • 3 replies
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    3 replies

    Employee
    January 10, 2021
    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    VolvoGirl
    Employee
    January 10, 2021

    Is your Single Member LLC a S corp?  Then you need Turbo Tax Business for it in addition to a personal program.

     

    If it's not an S corp. it is a disregarded entity and you file it on Schedule C in your personal return.  You will need to use the Online Self Employed version or any Desktop program but you will get the most help in Desktop Home & Business.

    DoninGA
    Employee
    January 10, 2021

    If you are a single member LLC that has NOT incorporated then for tax purposes your business is a disregarded entity and you report your self-employment income and expenses on a Schedule C.  The Schedule C is included with and is part of your personal tax return Form 1040.

     

    If you choose to use the TurboTax desktop CD/Download editions, then any edition can be used but the Home & Business edition is recommended - https://turbotax.intuit.com/personal-taxes/cd-download/

     

    If you choose to use the TurboTax online editions and are reporting business expenses then you must use the Self-Employed edition - https://turbotax.intuit.com/personal-taxes/online/

     

    However, if you did incorporate your business to either an S Corporation or a C Corporation then you must use the TurboTax Business Edition for your business tax return - https://turbotax.intuit.com/small-business-taxes/

    The Business Edition can only be installed on a Windows based personal computer and the Business Edition cannot be used to complete a personal tax return, Form 1040.