Can I use Home & Business to file for an LLC

[noma406839]

We have a new LLC and it is just a husband and wife LLC, can we use the Home & Business turbotax software

[MinhT1]

It depends.

If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), your husband-wife LLC is a disregarded entity for tax purposes and you can file a Schedule C for your LLC on your personal joint tax return using the Home & Business TurboTax Download/CD.

If you live in another state, then you have to prepare a LLC return (form 1065). You cannot use TurboTax Home & Business to prepare form 1065, but have to use TurboTax Business which is only available as a CD/Download on a Windows computer (not compatible with Mac).

You can purchase TurboTax Business from this page.

[Anonymous_]

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@noma406839 wrote:
We have a new LLC and it is just a husband and wife LLC, can we use the Home & Business turbotax software

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You can use Home & Business only if you hold your interests in the LLC as community property in a community property state.

In that event, you can treat the LLC as a qualified entity and disregarded for federal income tax purposes and each report on a separate schedule, such as Schedule C.

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf

Qualified Entity. A business entity is a qualified entity if:

(1) The business entity is wholly owned by a husband and wife as
community property under the laws of a state, a foreign country, or a possession of the
United States;
(2) No person other than one or both spouses would be considered an
owner for federal tax purposes; and
(3) The business entity is not treated as a corporation under
§ 301.7701-2.

See also https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...

[DavidD66]

When an LLC is owned by husband and wife in a non-community property state, the LLC should file as a partnership.  To file as partnership using TurboTax, you will need TurboTax Business.  For additional information, or to download TurboTax Business, click on:  TurboTax Business

[Opus 17]

"your husband-wife LLC is a disregarded entity for tax purposes and you can file a Schedule C for your LLC on your personal joint tax return using the Home & Business TurboTax Download/CD."

Note that if you are in a community property state, you would file two schedule Cs, one in the name of each spouse, each listing half the income and expenses.  

If you are not in a community property state, you file a partnership return 1065 using Turbotax Business as indicated.  As part of the partnership return, each partner is issued a K-1, that you will each enter on your personal tax return.

Lastly, note that the due date for partnership returns is March 17, not April 17, unless you get an extension, and the late fees are high.