Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
tsrdar
New Member

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

For a multi-member LLC you will need the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return, Form 1040.  Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

You will still need to file your personal tax return and report the Schedule K-1 received from the business on your personal tax return.  Using the online editions of TurboTax you will need either the Premier or Self-Employed editions to report the Schedule K-1.  Using the desktop CD/Download editions of TurboTax, any of the desktop editions can be used to complete a personal tax return and report a Schedule K-1.

View solution in original post

5 Replies
DoninGA
Level 15

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

What type of LLC?  Multi-member LLC?  Or a single member LLC?
tsrdar
New Member

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

Mulit-Member LLC
tsrdar
New Member

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

Asking due to the LLC made a donation, it is telling me to you it as personal donation.  Would that be ok.  This s a husband and wife Multi-member LLC
tsrdar
New Member

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

Thank you
DoninGA
Level 15

Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

For a multi-member LLC you will need the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return, Form 1040.  Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

You will still need to file your personal tax return and report the Schedule K-1 received from the business on your personal tax return.  Using the online editions of TurboTax you will need either the Premier or Self-Employed editions to report the Schedule K-1.  Using the desktop CD/Download editions of TurboTax, any of the desktop editions can be used to complete a personal tax return and report a Schedule K-1.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v