Filed taxes but realized forgot form 568

[rafang25]

Last year was the first time I had set up an LLC to conduct business. Generated a little income, but nothing to write home about. Throughout the year, I had already paid the $800 franchise fee as well as a quarterly estimated tax payment. 

While filing my taxes, I filled out the 1099-MISC section accordingly and stated the previous payment etc., but I forgot to go back and edit the Business Profit / Loss adjustment section in the State Taxes section. After I had finished submitting my taxes, I went back to revisit the section after looking up form 568 online. 

When I went through it again, it generated a form 568 for me. After filling it out, the Federal / State refund didn't change at all. Do I need to amend my taxes and is there any way for TurboTax to 'resend' this form out? Or would I have to mail it out myself?

[KarenM90]

In regards to your question about CA Form 568:  

No, you won't need to amend for Form 568.  For single-member LLC's Form 568 can't be e-filed in any of the TurboTax product versions.

The State of California’s Franchise Tax Board will allow you a waiver for not e-filing, based on a few reasons, and due to technology constraints of the software you are using, you can request the e-file waiver.

Here is a link to request an e-file waiver CA Efile Waiver Request so you can paper file.

You will then print and mail Form 568 to this address:

FRANCHISE TAX BOARD 

PO BOX 942857 

SACRAMENTO CA 94257-0501

If you need to make other changes to your federal and/or state return after it has been e-filed and accepted, you will need to Amend the return(s). 

To Amend your return in Turbo Tax Online follow these steps:

1.  Sign in to your Turbo Tax Account

2.  Scroll down to  Your tax returns and documents and select Amend (change) 2019 return, then Amend using Turbo Tax Online.

3.  Select the reason you are amending and Continue

4.  Answer the questions about your Federal return, (there may be no changes) then begin amending your State return when it says "Lets get started on your state taxes...."

To Amend your return in Turbo Tax Desktop;

1.  Open your tax file you need to amend and select Online and Check for Updates.  

2.  Go to the Federal Taxes tab (or the Personal Tab, if you are using Home & Business) and select the Other Tax Situations Tab.

3.  Scroll down to Other Tax Forms and Select Start next to Amend a return.

4.  Answer the appropriate questions for the State and Federal Returns.  

[Edited KarenM90 2/23/2020 7:20 pm pst]

[rafang25]

Would I still have to amend if there doesn't seem to be any impact on anything at all? All it did was ask me questions that essentially filled out the Form 568. Nothing else was impacted by the edits.

[MaryK4]

The Form 568 must still be filed with the California FTB, but you do not have to amend your CA income tax return just to file it.  Print the pages and since no payment is due, send  to:

FRANCHISE TAX BOARD
PO BOX 942857
SACRAMENTO CA 94257-0600

@rafang25

[FoundSItes]

I can't seem to find form 568 on Turbo Tax Business for my SMLLC that's passed through as S-Corp. I do remember mailing items last year but can't remember if I mailed form 568. Anybody know where I can find this form or where I can find the information that's placed on line 1 of this form?

This will allow me to access Californias My Franchise Tax Board online to see if I complete it. 

Thanks!

[KathrynG3]

Yes, you need to file this but you do not need TurboTax Business for single member LLCs. TurboTax does let you e-file the rest of your return and allow you to mail the 568 separately.

As TurboTax Expert AndreaC1 found:

TurboTax Business only handles the multi-member LLC, not single-member. If you are using TurboTax Home & Business desktop version or Self-Employed online version, the Form 568 has to be printed and mailed.

Form 568 for single-member LLC's can't be e-filed in any of the TurboTax product versions.

The State of California’s Franchise Tax Board will allow you a waiver based on a few reasons, and due to technology constraints of the software you are using, you can request the e-file waiver.

Follow these steps to get Form 568 and file it directly with the Franchise Tax Board of California: 

• Go to California FTB Business Entity E-file Waiver Request and 
• Request an e-file waiver
• Paper file this form: print and mail Form 568 to this address:

FRANCHISE TAX BOARD 

PO BOX 942857 

SACRAMENTO CA 94257-0501

[FoundSItes]

Thank you so much, Kathryn for your quick response. Do you recommend the Self-employed online version even for my LLC S-Corp? 

Thank you!

[KathrynG3]

You're welcome!

No, you do not need self-employed; you can file using Premier. Even though it is a single member LLC, since you are filing it as an S-Corp, you would need to use your TurboTax Business program. This will do the following:

• prepare the informational return Form 1120-S, which is a "pass-through entity."
• generate your "Schedule K-1" for your Individual tax return--this is entered in its own area in TurboTax, separate from the self-employed area

The S-Corp tax return filing will not generate any tax due, but it must be submitted by March 15. The tax is paid by you when reported on your individual tax return.

Click this link for help: Where do I enter a K-1 that I received?

[rafang25]

TurboTax also seems to be telling me to print a form 3588 instead of a 3522 which I expected. I did pay the $800 annual fee online. Is this why I am told to print this?

And do I send both forms in the same envelope? Thanks

[MaryK4]

Unfortunately, the 3588 is not efiled with the individual tax return so you must mail a hard copy.

Since you did make the payment online, you do not need to send the 3522.

@rafang25

[rafang25]

Sorry I'm a bit confused at the moment. As of right now, TurtoTax created the form 568 for me and it says I did not pay the $800 fee, which is where I'm assuming form 3522 comes into play. 

What do I do with form 3588? Do I mail it separately? Do I stick it in the same envelope as when I send off form 568 or how would form 568 know that I've made my payment? 

Apologies for the confusion, still pretty new at this. Appreciate any help given.

@MaryK4 

[KathrynG3]

No. You do  not need to submit Form 3522 by mail if you already paid online to the California Franchise Tax Board. 

Regarding Form 568 for a single member LLC, it must be printed and mailed, also.

See TurboTax Expert AndreaC1's  answer:

TurboTax Business only handles the multi-member LLC, not single-member. If you are using

TurboTax Home & Business desktop version or Self-Employed online version, the Form 568 has to be printed and mailed.

Form 568 for single-member LLC's can't be e-filed in any of the TurboTax product versions.

The State of California’s Franchise Tax Board will allow you a waiver based on a few reasons, and due to technology constraints of the software you are using, you can request the e-file waiver.

So go here  California FTB Business Entity E-file Waiver Request and request an e-file waiver so that you can paper file this form since the software version you are using won't allow e-file for it. 

You will then print and mail Form 568 to this address:

FRANCHISE TAX BOARD 

PO BOX 942857 

SACRAMENTO CA 94257-0501

[rafang25]

So since I paid online, that means I do not need to submit Form 3588 either correct? Just want to confirm because on Form 568, there doesn't seem to be anywhere I can enter how much I paid online, unless I put the payment under Line 8 for overpayment from last year? Or would the FTB somehow know I had already paid the taxes/payments owed?

[KathrynG3]

You're welcome!

[rafang25]

Appreciate all the help @KathrynG3. Sorry, just edited the last answer as I had jumped the gun and had one last question above.