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user78833
New Member

I am trying to file an extension for my LLc business how so I get to the correct form.

 
3 Replies
MollsBBU
New Member

I am trying to file an extension for my LLc business how so I get to the correct form.

If you're a sole proprietor or single-member LLC, your business income and expenses are reported on your personal (individual) tax return, which means that filing a Form 4868 also extends the business portion of your return.

On the other hand, if you need to file an extension for a corporation, S corporation, partnership, trust, or estate, you'll need to file a separate extension form (Form 7004) because the income and expenses for those entities are reported and filed separately from your personal tax return.

IRS Form 7004 (Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns) gives you an automatic extension to file your corporation, S corporation, partnership, trust, or estate return.

However, extensions don't give you extra time to pay taxes.  Taxes are due on the original due date of the return, not including extensions.

Partnerships (1065 returns) and Trusts (1041 returns) get an automatic 5-Month Extension of time to file. All other business returns, (1120, 1120S and 706 as an example) get an automatic 6-Month Extension of time to file.


Filing Form 7004 will require the purchase of TurboTax Business (if you don't already have the program), or you may print from the IRS website here: https://www.irs.gov/pub/irs-pdf/f7004.pdf

Instructions for Form 7004 are found here: https://www.irs.gov/pub/irs-pdf/i7004.pdf


Please see TurboTax FAQ "How do I file an extension for a corporation, partnership, trust, or estate (Form 7004)?" below: 

https://ttlc.intuit.com/replies/3301655

TVMS
New Member

I am trying to file an extension for my LLc business how so I get to the correct form.

Last year I used a CPA for a multi-partner LLC for our first year returns. Very expensive and I don't think the returns are very  complicated. I've used Turbo Tax for my personal returns for many years with no issue. I'd like to use Turbo Tax Business for 2019. A few questions: Can you enter the prior year data from the 1065s in to capture any carryover issues? Also, our K-1s always come out late, If you file a request for extension on form 7004 for the partnership return (there are 2 members in our partnership), do you have to file an extension separately for each personal return 1040? If you do, is that were you would pay your estimated taxes since the 1065 is informational for the IRS. Thanks

Anonymous
Not applicable

I am trying to file an extension for my LLc business how so I get to the correct form.

llc/partnerhip returns are due 3/15/2020.   if it cant't be completed by that date then an extension must be file on or before that date.   there is no need for individuals to file an extension if they'll have the k-1's in time to file their personal returns by 4/15/2020

 

yes you can manually enter any necessary data from the 2018 return.   

 

for the partnership while there is no federal income tax, there may be a state income tax.  you'll need to check on that.  any tax would be due by the due date of the return.  states also have different rules as to extensions. some if you file a timely federal extension you have a timely state extension.  others require you to file for state extension and pay any tax due with it.   TT should permit the filing of the 1065 extensions.

 

for payment of partnership tax, if any,  go to the state website.  virtually every state is set up for electronic payment.

 

if the individual returns need to be extended,  any balance is due 4/15/2020,   each partner can go to the IRS website and make an electronic payment.  select extension payment when it asks.  making the extension payment thru the IRS website negates the need for an individual to file an extension.  print out the document to keep as proof that payment as submitted.    

 

   

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