First time user of Turbo Tax.... We have a LLC and I'm trying to use the same forms our CPA used in the previous years.
She filed a 1065, 8825, Schedule B-1, Schedule K for each member. I cannot find any of these forms as TurboTax is suggesting a Schedule C which I don't want to use. Please help!! I'm sure I have done something wrong.
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To file a tax return for an LLC, you'll need to use TurboTax Business to file form 1065.
TurboTax Online is for personal tax returns only.
I bought the Turbotax program called "Home & Business"
TurboTax Business is different from TurboTax Home & Business.
You can use TurboTax Home & Business for your personal tax return. But you still need TurboTax Business for your LLC.
TurboTax Home & Business is for filing a personal 1040 tax return. It includes SCH E for rental income, SCH F for farm income, and SCH C for business income of a disregarded entity. A sole proprietorship or single member LLC is a disregarded entity.
TurboTax Business is for filing a tax return for a non-living, non-breathing entity. THis includes Partnerships, multi-member LLCs, S-Corps, C-Corps, Joint Ventures, Estates and Trust. TurboTax Business can not be used to file a personal 1040 tax return of any type. TurboTax Business does not include IRS Form 1040 at all.
Partnerships & Multi-member LLC's file a 1065
S-Corps file an 1120-S
C-Corps file an 1120
Estates and Trusts file a 1041.
The above four tax forms are only available in TurboTax Business.
As a reminder, your 1065 return is due to the IRS by March 15th. If late, the late filing penalty is $200 per member, per month. If you file on March 16th you're looking at an automatic $600 late filing penalty. So don't be late.
READING THE REPLY EXPLANATION: IT SEEMS THERE HAS BEEN SOME FORM OF FORFEITING ON THAT TURBOTAX BUSINESS VS. TURBOTAX HOME&BUSINESS...
JUST SAYING
Please turn off the caps lock. It's hard on the eyes and in the online world is considered shouting.
You can't mix different tax forms together in the same program for numerous reasons I really don't want to get into here. (programming limitations being one of those reasons).
Basically, the 1040 tax return is used to file a tax return for a living, breathing human person.
The forms included in TurboTax Business are used for completing and filing a tax return for a non-living, non-breathing taxable entity. Therefore the 1040 is not included in that particular program for a reason.
A partnership and multi-member LLC is in and of itself considered a non-living entity. Even though it's a disregarded entity for tax purposes, the 1065 partnership return allows for the division of all income and expenses among the living members of that type of business organization. This division is reflected on the K-1 that each member of the organization gets. The K-1 is then entered on the personal tax return of the member that received it, and that's how their share of profit/loss is accounted for on the personal side.
Now when you get into other types of business entities such as a C-Corp or S-Corp, things get a bit more complicated since those are not considered disregarded entities, but separately taxable non-living non-breathing entities.
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