The penalty for filing a late business return is steep, at $210 per month FOR EACH OWNER of the business. While generally a personal tax return is due by April 15th, the business tax return has a drop dead due date of March 15th. Owners/Ivestors can not complete their personal 1040 tax return until "AFTER" they have received their K-1. Upon completing the return you will print a K-1 for each owner/investor in the business and provide that K-1 to each. WHen you have a business that requires the use of TurboTax Business, then you must complete and file the appropriate business tax return first, be it a 1065 Partnership return, an 1120-S Corporate Return, or an 1120 Corporate return. TurboTax business can not be used to file a personal 1040 tax return of any type, as the program does not include any IRS Form 1040 of any type. This includes Partnerships, multi-member LLC's, S-Corps, C-Corps, Trusts, and Estates. This program is used to complete and file a tax return for a non-living non-breathing separately taxable entity. It is not available for MACs and it is not available as an online product. TurboTax Business - This software is available for the Windows operating system only. This would be either a sole proprietorship or a single member LLC. TurboTax Home & Business - This is the desktop software used to file a personal 1040 tax return that could also include a SCH C for a disregarded business entity. There is no fee to print and mail the state returns. In the desktop editions there is a 24.99 fee to efile a state return (except no fee for NY state). When purchased elsewhere, you have to be careful as to which Deluxe you are buying. When purchased from TurboTax, it is the combo version. Desktop Deluxe comes in 2 versions-one that is Federal and state combo, and one that is Federal-only.The Basic Edition does not include a state program and does not import from ItsDeductible.The desktop editions can prepare the same forms but vary mainly in the amount of help and guidance, with these exception: If it was me, I'd just start a new return from scratch, especially if you're not used to doing all that, but you can certainly try first, if you like. You could try that first to see if everything related to the business was deleted. There may be a Delete button for the business. ![]() You may be able to delete it all from the Business Summary screen in the interview. Yes, you can remove what you entered for the Schedule C self-employed interview, and if necessary, can delete forms, underlying worksheets, etc. All editions can do it, but Premier or Home and Business provide the most help guidance. The desktop editions can handle a rental property. The other desktop editions can also enter a K-1. Yes, but as Macuser_22 mentioned, it doesn't have to be Home and Business Edition. ![]() So I would simply delete all the business info from my TurboTax software and that should eliminate the self employment tax? Then I can use the software I purchased to file my personal return with the pass through data from my business return? I can have my tax guy just file my business return and save a little $.
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