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todd6
New Member

How do I change from self-employed to LLC?

I started preparing my return online using the "self-employed" product. But I am member of a multi-member LLC, and don't receive 1099-whatever. Compensation is combination of wages (w-2) and owner's draws. How can I switch to appropriate product mid-process? I prefer online to download only because reviews of Mac download are a bit discouraging.
3 Replies
AndreaC1
Level 9

How do I change from self-employed to LLC?

You will need TurboTax Business software to do a multi-member LLC return. That version handles any returns that need to be filed for corporation (Form 1120), S corporation (Form 1120-S), partnership/multi-member LLC (Form 1065), or homeowner association (1120-H). 

And then the personal product you choose will have to be either Premier or Self-Employed online to enter K-1s on your personal 1040 return.

NOTE: TurboTax Business is a Windows-only software program available as a CD or download. There is no online or Mac version for it. This version handles only business returns, not personal ones. 

todd6
New Member

How do I change from self-employed to LLC?

Thank you. An accountant is preparing our LLC returns. So I need only the appropriate personal product. It sounds like Premier will be adequate, Self-Employed costing nearly double when I don't anticipate taking any business-related deductions. So question now is: can I switch from Self-Employed to Premier online versions mid-process, or must I start over?
AndreaC1
Level 9

How do I change from self-employed to LLC?

You are welcome. Since the accountant is preparing the LLC, they should provide you with K-1 to enter on personal return. And yes, Premier should be fine if you are not entering any expenses. However, as long as you have not already paid for Self-Eemployed, you will be able to downgrade but that does require you clearing & starting over. You can find steps to do that here <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2586254">https://ttlc.intuit.com/questions/2586254</a>

Once you get your Schedule K-1, you can follow these steps to get to that portion of the interview to enter it on your personal return.

* Log into your account and click the orange Take me to my return button
* Type "k1" in the Search box in the top right corner and choose "jump to k1"
* You should be taken to the page that asks "Did you receive any Schedules K-1 or Q?" and you can want to answer "Yes" there
* The next page will ask you to choose the type of Schedule K-1 that you have and you can choose "Start" next to Partnerships/LLCs (Form 1065) there and follow prompts.
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