Full time job and LLC business with brother

[KristofIL]

So last year I had full time job and LLC business with my brother. How do I file so he gets the K-1 form and business earnings are split in half? 

[MinhT1]

You have to report income and expenses for the LLC on a partnership return (form 1065). As part of the return, there will be a schedule K-1 for each partner that you and your brother have to report on your respective tax returns.

You cannot use TurboTax online 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.

[KristofIL]

What if my brother did not stay in the business for full previous year? Basically he sold the shares to me in October 2021. Will I be able to mention that in the software? 

[ThomasM125]

Once your brother withdrew from the partnership, it was dissolved as such, so you should only report the income and expenses through October 21 on the partnership tax return. After that, you report the income as self-employment income for yourself.