TurboTax Desktop Premier vs Home & Business 2023
TurboTax offers various desktop versions of its tax software, and each is tailored to meet the specific tax situations of different individuals. Two of its most popular options are TurboTax Premier and TurboTax Home & Business. While TurboTax Premier is intended for individuals with investments and rental property, TurboTax Home & Business is intended for freelancers and self-employed individuals.
Whether you’re a seasoned investor, a rental property owner, or a self-employed entrepreneur, our comparison of TurboTax Premier vs Home & Business will help you decide which version suits your specific tax needs best.
TurboTax Premier vs Home & Business At-a-Glance Comparison
TurboTax Premier | TurboTax Home & Business | |
|---|---|---|
Best For | Investors and rental property owners | Self-employed individuals and freelancers |
Pricing |
Includes 5 Federal e-files plus 1 State return |
Includes 5 Federal e-files plus 1 State return |
Schedule C Business Income & Loss | ✕ | ✓ |
Import Data From QuickBooks Desktop | ✓ | ✓ |
Audit Guidance and/or Defense | ✓ | ✓ |
Deduction Finder | ✓ | ✓ |
Prepare W-2s & 1099s | ✕ | ✓ |
S-corp & Partnership Returns | ✕ | ✕ |
User Review Score on Intuit | 4.3 out of 5 | 4.1 out of 5 |
For More Information |
In addition to these desktop programs, TurboTax offers an online solution. If you’d like to learn more, then check out our TurboTax Online vs Desktop comparison.
When To Use
TurboTax Premier vs Home & Business: Pricing
TurboTax Home & Business includes all of the features that Premier offers and has the added ability to file a Schedule C return. Therefore, its pricing is higher to account for the additional features. Meanwhile, Premier offers support for Schedules 1–3, rental property, investments, and cryptocurrency transactions.
- TurboTax Premier: $115 for federal returns and $45 per state return. Includes five federal e-files and one state return.
- TurboTax Home & Business: $130 for federal returns and $45 per state return. Includes five federal e-files and one state return.
Neither version supports business tax returns, such as partnerships and S-corps. Instead, you must purchase TurboTax Business.
TurboTax Premier vs Home & Business: Helpful Tools
TurboTax Premier | TurboTax Home & Business | |
|---|---|---|
Import From QuickBooks | ✓ | ✓ |
Deduction Maximizer | ✓ | ✓ |
Audit Support | ✓ | ✓ |
Cryptocurrency Support | ✓ | ✓ |
Tax Calculator | ✓ | ✓ |
Import W-2s & 1099s | ✓ | ✓ |
Amended Returns | ✓ | ✓ |
Prior Year Return Filing | Must purchase prior year program | Must purchase prior year program |
Create W-2 & 1099 Tax Forms | ✕ | ✓ |
Coaching to Maximize Small Business Deductions | ✕ | ✓ |
Guide to Business Start-up Costs | ✕ | ✓ |
Automatic Updates | ✕ | ✕ |
Real-time Collaboration | ✕ | ✕ |
There are a few differences between TurboTax Premier vs Home & Business. Those include Premier’s inability to handle anything related to small businesses, such as creating and filing W-2 and 1099 tax forms.
Because of the nature of the platform, neither version allows for cloud-based features such as automatic updates and real-time collaboration. However, both let you import your data from QuickBooks and provide cryptocurrency support. They also offer a deduction maximizer, audit support, a tax calculator, and the ability to file amended returns.
TurboTax Premier vs Home & Business: Customer Service & Ease of Use
TurboTax Premier | TurboTax Home & Business | |
|---|---|---|
User Interface (UI) | Intuitive and clean | Somewhat user-friendly |
Support Channels | Phone and live chat | Phone and live chat |
Expert Help Offered | ✓ | ✓ |
Both Premier and Home & Business provide a clean interface that is easy to navigate, but Premier is slightly more user-friendly. This is likely due to the additional information required for filing a Schedule C. Phone and live chat support are available for both versions.
TurboTax Premier vs Home & Business: User Reviews
There are limited reviews for these specific versions of TurboTax Desktop, as they only seem to have been reviewed on Intuit’s site. TurboTax Premier earned a rating of 4.3 out of 5 based on more than 8,000 reviews[1], whereas TurboTax Home & Business received a 4.1 out of 5 from around 3,500 reviews[2].
Premier users appreciate the platform’s simplicity and ease of use and the 24/7 access to assistance. Reviewers also praised its audit assistance feature. The software’s biggest drawback is its inability to file a Schedule C.
Meanwhile, those who left Home & Business reviews said that they appreciate its easy interview process and ability to identify potential deductions. Reviewers also praised its support for new businesses. However, users dislike that it doesn’t allow for real-time collaboration due to the fact that it is locally-installed software.
Frequently Asked Questions (FAQs)
The difference between TurboTax Home & Business vs Premier is that Premier focuses on investment-related tax scenarios, while Home & Business includes support for that, plus self-employed business income and expenses.
Yes, TurboTax Home & Business can handle multiple businesses. If you have more than one business, the software will guide you through the process of entering income and expenses for each business separately.
TurboTax Premier supports a wide range of investment types, including stocks, bonds, mutual funds, rental properties, and other investment income and expenses. It provides guidance for reporting and optimizing taxes related to those investments.
Yes, both Premier and Home & Business allow you to import your previous year’s tax return, as long as it was prepared using TurboTax. This can save you time and ensure consistency in your tax filing.
Each TurboTax software license is typically valid for installation on one computer. If you need to use TurboTax on multiple devices, you may need to purchase additional licenses or consider TurboTax Online, which allows you to access your tax return from any device connected to the internet.
Bottom Line
TurboTax Premier is focused on helping users with investments and related tax matters, such as stocks, bonds, rental properties, and investment income. Cryptocurrency transactions are also included. Meanwhile, TurboTax Home & Business is geared toward individuals needing to handle personal tax matters along with business-related income and expenses that are filed on a Schedule C.
User review references:
[1]Intuit | TurboTax Premier
[2]Intuit | TurboTax Home & Business
