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LCK1
Level 1

Estimated Payments for my LLC

 I have an LLC that I started this year as a side business. I work full time and have both w2's and 1099's for the business (I do have a FEIN). I'm the only employee/partner. I used TurboTax home and business to file and now my state (WI) has rejected my return based on my estimated payments.  When I sent in my estimated payments they were entered under the FEIN.  My federal Tax return was accepted.  I'm now wondering if I screwed up by using the home and business version of turbotax.

 

1) What are my options?  Do I need to re-file everything separating my business from my personal?

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LCK1
Level 1

Estimated Payments for my LLC

First of all, thanks for the information.. The link is just a printable PDF. In looking for where to enter the form online, it appears that Wisconsin only allows the form to be sent in online, and that can only be done using a third party software, meaning TurboTax Business at $400+ dollars.   If there is another cheaper alternative, I'd love to hear about it.

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3 Replies
ThomasM125
Expert Alumni

Estimated Payments for my LLC

I assume you are a sole-owner of the LLC, in which case you were correct to use the TurboTax home and business software to prepare a schedule C reporting the business income and expenses. I think you mean with the estimated payments that you reported them using the federal identification number of the business as opposed to your personal social security number. If so, you will need to file a partnership tax return for Wisconsin to receive the estimated payments back. That would be Wisconsin Form 3. You can fill it in online, here is a link:  Wisconsin Partnership Return Enter $0 for the tax on line one and your tax withheld on line 5. Your refund of taxes paid in will appear on line 12.

 

 

For your state personal return, go back into TurboTax and remove the state estimated payments you entered and pay in the state tax due. You will get a refund of the taxes you paid in under the LLC ID number.

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LCK1
Level 1

Estimated Payments for my LLC

First of all, thanks for the information.. The link is just a printable PDF. In looking for where to enter the form online, it appears that Wisconsin only allows the form to be sent in online, and that can only be done using a third party software, meaning TurboTax Business at $400+ dollars.   If there is another cheaper alternative, I'd love to hear about it.

PaulaM
Expert Alumni

Estimated Payments for my LLC

You might want to check the current price for TurboTax Business (less than $400).

TurboTax Business

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