Another which tax-software-to-use thread...for complex returns

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
Uncle Morris
Posts: 214
Joined: Sun Jul 12, 2020 8:13 pm

Another which tax-software-to-use thread...for complex returns

Post by Uncle Morris »

My tax software history:
Been a Turbotax user for many years, and no real issues (even learned how to force values in the Forms to bring SE tax down due to a totalization agreement that TT couldn't otherwise handle). I use Home and Business desktop version on Windows. In addition to our joint return, I also do the returns for the kids. Nice to have those five returns included in the package.

I've also used OLT for a couple of years now for a family member with a situation that Turbotax couldn't handle.

New complexities this year:
This year, our complex return becomes more complex. We're expats, which TT has handled okay so far. But this year we moved countries (still expats, just a different place) and we now have a couple of US LLCs. We also have non-LLC Schedule C and E income.

So we need to prepare:
  • partnership returns for the LLCs, which spouse and I are the owners of
  • and our personal joint return with its complexities
  • and I still have to do the simple returns for the kids (and that one complex one that I've used OLT for)
I'm reasonably comfortable without a whole lot of handholding (witness the use of OLT for the family member with their issue that TT couldn't handle). But I'm not an accountant, and this year will be the first year for those LLCs.

What to do?
Should I -
A) stick with Turbotax, and buy both the Business edition for the LLCs (and does it handle more than one?) and the Home and Business for our personal returns and the kids', and do that one return as usual on OLT?
B) get the Turbotax Home and Business as usual, for our personal returns and the kids', and use OLT for the LLC returns and the one return that I've been doing on OLT?
C) go with OLT for everything?
D) use some other software?

Thanks for your thoughts.
User avatar
MP123
Posts: 4397
Joined: Thu Feb 16, 2017 2:32 pm

Re: Another which tax-software-to-use thread...for complex returns

Post by MP123 »

Uncle Morris wrote: Fri Nov 29, 2024 7:10 am A) stick with Turbotax, and buy both the Business edition for the LLCs (and does it handle more than one?) and the Home and Business for our personal returns and the kids', and do that one return as usual on OLT?
This sounds like the easiest approach with the least headaches.

You don't need the Home and Business version to file Schedule C businesses, the Deluxe version will do everything, especially if you're comfortable working with the forms directly. It's a little cheaper.

TurboTax Business (not Home and Business) will prepare 1065 or 1120-S for multiple LLCs. The interface will be very familiar if you're used to regular TT. Partnership returns can be complex, and TT-B won't walk you through every possible issue, but if you know what you want the return to show it's pretty simple.
Topic Author
Uncle Morris
Posts: 214
Joined: Sun Jul 12, 2020 8:13 pm

Re: Another which tax-software-to-use thread...for complex returns

Post by Uncle Morris »

Thanks, MP123, for the sensible and helpful advice.
Post Reply