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Level 1
posted Jul 7, 2020 5:26:42 PM

My wife filed self employed taxes for herself already this year. She now has to file taxes for her single person LLC what turbo tax product should she use?

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1 Best answer
Level 1
Jul 7, 2020 5:30:09 PM

she already filed her personal taxes for 2020 now she has to file her business taxes for her single person LLC

3 Replies
Level 1
Jul 7, 2020 5:30:09 PM

she already filed her personal taxes for 2020 now she has to file her business taxes for her single person LLC

Level 15
Jul 7, 2020 5:45:26 PM

Is her Single Member LLC an S Corp?  If not it is a disregarded entity and goes on her personal return on Schedule C.  Then does she have a separate self employment business?  

 

If she needs to file a business return that should be done first to get the K-1 to enter into her personal return.  Now she might need to amend her personal return.  Did you and her file a Joint return?  Or why are you filing Separate?  Joint is usually the best way to file.

 

If she needs to file a separate Business return for the LLC, she need Turbo Tax Business.  The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

Level 1
Jul 7, 2020 6:24:43 PM

THANK YOU YOU HAVE BEEN VERY HELPFUL.