I have a Home and business Turbo Tax. I have a sole Prop business that I already filed. I also have an LLC that I need to add to it. There is zero income on the LLC, but, I have some deductions. How and where do I add the LLC?
If the LLC is a single-member LLC, then you can just amend the Form 1040 that you previously filed to add the single member LLC.
If the LLC is a multi-member LLC, then you will need to use TurboTax Business (not the same as Home & Business) to prepare a business tax return Form 1065. When you complete the Form 1065, TurboTax Business will create a K-1 that you will need to enter on your personal tax return. Which means, you will still need to amend your originally filed tax return to add the K-1.
If the LLC is a single-member LLC, then you can just amend the Form 1040 that you previously filed to add the single member LLC.
If the LLC is a multi-member LLC, then you will need to use TurboTax Business (not the same as Home & Business) to prepare a business tax return Form 1065. When you complete the Form 1065, TurboTax Business will create a K-1 that you will need to enter on your personal tax return. Which means, you will still need to amend your originally filed tax return to add the K-1.
Thank you for the reply.
I previously was trying to amend it as you mentioned but did not know where. I opened the "amend" and couldn't figure out where to go after that.
Could you please elaborate?
Thank you,
Rick