Turbotax for home and business -filing jointly?
My wife and I are both self employed in separate businesses. We previously filed as married filing separately. We are going to file jointly for first time this year, and i am considering home and business edition 2020 by Turbotax. Will she be able to import her data for Taxact and can we both enter our data from separate businesses into Turbotax? Do we pay state filing fees for 2 states (we moved in July to new state)?
- SlickterpLv 71 month ago
MFS is the worst way to file. Yes, you can both do it in TT. Yes, if you have to file in two states, you have to pay for two states,
- Brian McilweeLv 51 month ago
I'd use Turbo Tax.
- Wayne ZLv 71 month ago
Tax software, to my knowledge, keys off of the main Social Security Numberfor the return. You will, more than likely, have to manually enter all of her stuff into your return (assuming you are the primary taxpayer on the return). I have never software that was able to import data from two separate returns.
If you have to do multiple states returns, I believe that you will pay for each state.
Also, returns with multiple states are one of the things that all of the "do it yourself" programs seem to struggle with. I have seen some self-prepared returns where the federal return was fine but, due to having multiple states, the state returns were a mess.
- Coffee DrinkerLv 71 month ago
TT home & business will handle your return just fine as long as your businesses are sole proprietorships and/or pass-through entities which can be reported on schedule C. It will generate a schedule C for each business then include all of them with your joint return.
If either one of you owns a partnership or corporation, then you would need TT Business Edition to file the business return and generate the personal income statements (K-1 forms or whatever). Then you'd need a separate copy of a personal version of TT to file your personal 1040 return.
I'm not sure whether or not TT will automatically import data from TaxAct but you can always enter it manually if necessary. It might make sense to stick with TaxAct unless there's a compelling reason why you want to switch to TurboTax.
But yes you can both enter your business data from separate business efforts into one joint return on TT Home & Business edition.
For what its worth you might want re-visit any previous tax years for which you filed separately. You might be able to claim additional refunds if you amend your returns into a joint return which usually results in a lower total tax liability.