![]() The overall cost is typically lower for the desktop edition, after taking into account any filing fees or extra preparation fees.Schedule K-1 is a tax document that you might receive if you are the beneficiary of a trust or estate. For most users who need to file a state return in addition to the federal return, we recommend the desktop edition, which is the edition discussed on this page and in the above comparison chart. This article explains the differences between the two products. Both versions will allow you to prepare your taxes, but there are some differences, including the price. You can use the online version or the desktop version. There are two ways to use TurboTax to do your taxes. The comparison chart above shows the major features of each version, along with a price comparison of several online retailers. There are five main versions of TurboTax: Basic, Deluxe, Premier, Home & Business, and Business. Users who don’t want to pay the extra state return filing fee can print and mail their state return at no additional charge. Many versions also include a state tax return preparation, but the state e-file is usually an extra fee. Most versions of TurboTax include federal tax return preparation and free e-file. New TurboTax versions are released at the end of each year and only work for filing tax returns for that year. In addition to filing tax returns, TurboTax can help those who are self-employed or running small businesses make estimated quarterly tax payments and create W-2s or 1099s for their employees and contractors. It makes it easy for normal everyday people to prepare their own tax returns by following a step-by-step question-based guide. ![]() ![]() TurboTax is a software package published by Intuit for preparing federal and state income tax returns. Supports Forms 1065 (Partnerships), 1120 (C Corp), 1120S (S Corp), 1041 (Estates & Trusts) and the additional forms that go with them, including Schedule K-1, Form 1096, 1099-Misc, W-2, and W-3. Sole proprietors and single-member LLCs that have not elected to be taxed as a C or S corporation should use TurboTax Home & Business instead since they are taxed as a disregarded entity on the owner’s federal tax return using Schedule C. Single member LLCs that have elected to file as a C or S corporation can also use TurboTax Business. TurboTax Business is for filing small business tax returns, including C and S corporations, partnerships, estates, trusts, and multi-member LLCs. The price for TurboTax Deluxe is approximately $10 less if purchased without a state return. The price displayed includes a state return. TurboTax Deluxe may be purchased with or without a state return included. Price for TurboTax Basic does not include a state return. * All TurboTax Desktop products include the same forms, however, the amount of guidance provided to complete the forms varies depending on the version. Recommended Version for Miscellaneous Forms* New: My Analysis & Advice tool to help you understand your tax history and maximize next year’s refund Included phone support and guidance from CPAs Includes 1 state tax return preparation at no additional charge Walk through small business start up costs and deductions Maximize self-employment income and deductionsĬreate W-2s and 1099s for employees and contractors Includes Schedule C for sole proprietors, consultants, and self-employed ![]() New! Retirement and IRA tool helps you get the most money back Help with rental property income and expenses Use ItsDeductible to calculate the value of donated itemsĪudit RiskMeter reduces your chances of an auditĮxtra guidance for investment sales such as stocks, bonds, mutual funds Includes guidance on latest tax and health care lawsĮxtra help on 350+ deductions and credits
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