Best Software

rollestonvet · ‎April 22, 2020

Hi! I owner a single member LLC and a multiple member LLC. I am looking to do my own taxes. Is there a software that can do that all together? or do I need to but the Business software to get the K1s and then file the single member through the online version?

Thanks in advance!

Anonymous_ · ‎April 22, 2020

@rollestonvet wrote:

...do I need to but the Business software to get the K1s and then file the single member through the online version?

Yes, you need the Business software to get the K-1s (TurboTax Business - see link below) and then another TurboTax product to prepare your individual income tax return (either TurboTax Self-Employed or Home & Business).

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

Be advised that TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version.

Further, if this is your first year preparing an income tax return for an LLC (Form 1065 for the multi-member LLC and Schedule C for the single-member LLC), you might want to consider professional tax guidance.

View solution in original post

Anonymous_ · ‎April 22, 2020

@rollestonvet wrote:

...do I need to but the Business software to get the K1s and then file the single member through the online version?

Yes, you need the Business software to get the K-1s (TurboTax Business - see link below) and then another TurboTax product to prepare your individual income tax return (either TurboTax Self-Employed or Home & Business).

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

Be advised that TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version.

Further, if this is your first year preparing an income tax return for an LLC (Form 1065 for the multi-member LLC and Schedule C for the single-member LLC), you might want to consider professional tax guidance.