Questions & Answers
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QuestionDoes this Home & business software fill out business tax for single entity LLC's or do you need to purchase the Business tax program?
- Answer Yes. I've been using the Home & Business version for my personal taxes with two LLC's. It is useful for home office or remote office, business expenses, depreciation, etc., and fills out the additional schedules. I also use for creating & filing 1099's for subcontractors and office rental.
QuestionIf I buy TurboTax Home & Business, what is the benefit of "Download" vs CD versions? Can I do multiple returns on either? How are multiple state returns handled?
- Answer You get up to 5 federal returns regardless of whether you download the software from the internet or a CD. The first state is included for free (but you pay online filing fee of ~$25 unless you file using a hardcopy). If you file in more than one state, you can buy additional states within the software (ie, you pay for each state beyond your first state).
- Answer no only the year listed
QuestionCan this software handle Trust tax returns and auto fill all needed forms that go along with it?
- Answer It has Schedules K-1 for Trusts & Estates. You can download from financial institutions. For more detailed information, contact Intuit, for specific needs.
QuestionMy wife and I are employed receiving W2 forms. We have rental property operating under an LLC receiving 1099. What turbotax software will prepare a separate 1065 (Sch E) and allow the income(loss) to flow into our personal 1040 return. Thanks
- Answer I use the Home & Business version for exactly the same situation.
- Answer I don't understand your question. If you are asking if it can do Schedule C's the answer is yes whereas Premier and Deluxe can't. I use it since I have 1099 income as a consultant.
QuestionDoes Turbotax SKU6432679 allow to file S Corporation taxes for a company as well as personal taxes for two people?
- Answer The Home & Business is only for sole proprietor that is shown in Schedule C. If you need to file S Corporate that is form 1120S and you need the Turbo Tax Business version.
QuestionI intend to file for two people in my household in the same state. How do I do this? do I need to buy a 2nd state license?
- Answer I believe you can file 5 tax returns and they would need to be for the same state. You only need to buy another state license when you need to file in 2 states. So you get 1 state free with your Turbo Tax Home & Business.