How do I file for personal and business taxes

[rjs]

What type of organization is your business: a sole proprietorship, qualified joint venture, single-member LLC, multi-member LLC, partnership, S corp, or C corp?

If you are married, is your spouse involved in the business in any way? If so, what is your spouse's involvement, and what state do you live in?

[chelseam5532]

Multi member LLC and not married

[rjs]

A multi-member LLC is treated as a partnership for income tax purposes. That means that the LLC has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 tax return. The partnership return will include a Schedule K-1 for each partner. You have to enter the information from your Schedule K-1 in your personal tax return, so the Form 1065 partnership return for the LLC has to be completed before you can file your personal Form 1040 tax return. Your share of the income from the LLC will be included in your personal tax return when you enter your Schedule K-1.

Are you the person who is responsible for filing the return for the LLC, or do you just have to file your own personal return? To prepare the Form 1065 partnership return for the LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as download software that you install on your Windows computer.

The filing deadline for partnership returns is March 15, not April 15, and late-filing penalties are high. If the LLC has not yet filed its 2024 tax return, it should be filed as soon as possible to avoid even higher penalties.

To prepare your personal Form 1040 tax return you need one of the personal TurboTax editions. You can use TurboTax Online Premium, or any edition of the TurboTax download software. TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return.

[Mike9241]

if the LLC filed form 8832 it would be taxed as a C corporation which would require filing form 1120. if it filed form 2553, once approved, it would be taxed as an S-corporation and file form 1120-S. it is not necessary, if S-corp status is desired to file form 8832. if neither form was filed it is taxed as a partnership filing form 1065.  

[rjs]

If the LLC has elected to be taxed as a C corp or S corp, it still has to file its own tax return on the appropriate form, 1120 or 1120-S, separate from your personal Form 1040 tax return. You could use TurboTax Business to file either such tax return. The mechanics of filing the business tax return are basically the same as if the LLC is treated as a partnership (except that for a C corp there is no Schedule K-1).