What package do myself and partner need if both work part time own llc, and pulled zero profit from it? We made roughly 5,000 and put in 10,000 after deductions. 1st time

[AmandaR1 · Accepted solution]

It sounds like you have a multi-member LLC, which means you have 2 or more partners in your LLC business. If so, you need to file a partnership form 1065 by March 15th, which you can do using TurboTax Business.

As long as you've started your business and you have income or expenses, you'll need to file the business form. There's an option to extend this return in the software, if you need more time too.

The form 1065 will include a schedule K-1 for each partner. You'll each need to include this schedule on your personal return. It allows the activity from your business form to flow through to each partner. 

Some multi-member LLCs elect S-corp status, which is more complicated than the default taxation of a partnership. If you did so, than you need to file form 1120-S instead of the partnership form, but you will still get schedule K-1s for each partner. You can use TurboTax Business for this return too.