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halesbp56
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I started a new LLC in 2017. I understand I need to use Turbotax Business to file the LLC tax return, but how do I get that data into my Turbotax Personal return?

 
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3 Replies

I started a new LLC in 2017. I understand I need to use Turbotax Business to file the LLC tax return, but how do I get that data into my Turbotax Personal return?

You will get a K-1 and maybe a W2 from the LLC to manually enter into your personal tax return.  If you use the Online version you will need to use Premier to enter a K-1.  So you need to do the LLC return first to get the form to enter into your return.

What kind of LLC do you have?  Do you need to file a 1065 or 1120 Business return?  Are you a single member sole proprietor or a multi member  partnership?  Did you set up your LLC as a S corp?  If you are a sole proprietor (not an S corp) you file it in your personal tax return on schedule C as self employment, not as a separate business return.
halesbp56
New Member

I started a new LLC in 2017. I understand I need to use Turbotax Business to file the LLC tax return, but how do I get that data into my Turbotax Personal return?

I do know that I need to file a 1065, but I was hoping that Turbotax would allow a seamless flow of data without my having to data enter the information into my Turbotax Personal file. The LLC is a two-person entity so we will divide up the expenses/income accordingly.

I started a new LLC in 2017. I understand I need to use Turbotax Business to file the LLC tax return, but how do I get that data into my Turbotax Personal return?

Sorry no.  They don't have that feature.  The Business program doesn't talk to the personal programs.
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