Do I need to upgrade For LLC filed under my personal taxes

Forum|Forum|2 years ago
February 25, 2024
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A couple questions.

1. I just created an LLC for realestate in 2023. I am currently using turbo tax premium with rental property. With my LLC can I file the taxes for it under my personal name using premium or will I need to upgrade to Home and Business version.

2. My family uses Turbo Tax Premium. We buy one copy of the software and use it for 4 people. My question would be, if I pay to upgrade my personal returns to home and business, will that effect the other 3 members of my family using the original premium version they bought? In other words, if I just wanted my tax returns to be upgraded to home and business, does that automatically upgrade everyone elses fililings to home and business or can they still use premium for theirs?

Best answer by Mike9241

the desktop versions are Basic, Deluxe, Premier and Home and Business. All desktop versions have the same forms just the higher versions offer more help

https://turbotax.intuit.com/personal-taxes/cd-download

assuming the LLC is a single-member entity that has not elected S-Corp or C-Corp treatment the LLC is a disregarded entity that does not file its own return. Premier, as you know, will handle rental properties. Being a single-member LLC has no effect on your 1040 sp upgrading to H&B is your choice. Your other family members can also use H&B. it really makes no sense to have

the tax file XXXXX.tax2023 can be opened by any 2023 - 1040 version of Turbotax as long as all forms in the return are handled by the app which is true for all desktop versions but not for all online versions.

You can't install two versions of the 1040 software on the same computer. If you decide on H&B your family members can use that version to prepare their 2023 returns.

Mike9241Answer

the desktop versions are Basic, Deluxe, Premier and Home and Business. All desktop versions have the same forms just the higher versions offer more help

https://turbotax.intuit.com/personal-taxes/cd-download

You can't install two versions of the 1040 software on the same computer. If you decide on H&B your family members can use that version to prepare their 2023 returns.