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Question

Do I need the premium version to enter self-employment income?

Forum|Forum|1 year ago
October 2, 2024
2 replies
0 views

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TurboTax Deluxe Online

Employee

Yes, the Premium online edition is required to report self-employment income and expenses on Schedule C.

Hi,

Does that premier product also apply for entering s-corp income on the sch e of the 1040's?

Employee

@jasontobin2233

The TurboTax Premier desktop edition supports entry of a Schedule K-1 that you would have received from the S-Corp.

To enter a Schedule K-1

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
On Schedule K-1, Q, click on the start or update button

Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1

Employee

@kerihoz I think you can enter self employment income into the Online Deluxe version (and Premium). But if you need to enter expenses you need Online Premium or any of the Desktop programs. All the Desktop programs have the same forms.

For both @jasontobin2233 @kerihoz

Starting for the 2023 program……Premium is only in the Online web version. It replaces both the Premier and Self Employed versions.

For the Desktop program it is still Premier. Slightly different name.