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tecmn819
New Member

How do I file a new LLC business

 
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AmandaR1
New Member

How do I file a new LLC business

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). 

If you have a 2+ members in your LLC, then the business defaults to be taxed as a Partnership and needs to file form 1065, which you can do with TurboTax Business. You'll give each member a schedule K-1 (1065), which you'll need to enter with your personal return, this year in TurboTax Premier.  

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. 

You can access the TurboTax Business software here and compare the personal product here: https://turbotax.intuit.com/personal-taxes/compare/online/ 

Otherwise, it looks like you are in the free online edition, so when you add your Self-employed income and expenses, you'll be prompted to upgrade. 

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3 Replies

How do I file a new LLC business

An LLC  being taxed as ????
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/business-structures">https://www.irs.g...>

How do I file a new LLC business

can 2 different llc's be filed on the same disk
AmandaR1
New Member

How do I file a new LLC business

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). 

If you have a 2+ members in your LLC, then the business defaults to be taxed as a Partnership and needs to file form 1065, which you can do with TurboTax Business. You'll give each member a schedule K-1 (1065), which you'll need to enter with your personal return, this year in TurboTax Premier.  

If you elected S-corp status for your LLC (to be taxed as an S-corp), then in either case, you'll need TurboTax Business to file your 1120-S return. 

You can access the TurboTax Business software here and compare the personal product here: https://turbotax.intuit.com/personal-taxes/compare/online/ 

Otherwise, it looks like you are in the free online edition, so when you add your Self-employed income and expenses, you'll be prompted to upgrade. 

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