Solved: I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?
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New Member

I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?

 
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New Member

I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?

You can file your 1099s and W-2s with the TurboTax software editions that handle business (explained below). The online versions use Quick Employer Forms. You can also access the Quick Employer Forms, directly to complete your forms through this link: https://quickemployerforms.intuit.com

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). You'll find the online software here: https://turbotax.intuit.com/personal-taxes/online/

If you elected S-corp status, you'll use TurboTax Business (desktop software) and file form 1120-S, providing yourself Schedule K-1 (1120S) to enter with your personal return. If you worked in the business, you need to pay yourself like you pay your employees and issue yourself a W-2. You'll find the business software here: https://turbotax.intuit.com/small-business-taxes/

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Level 12

I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?

What type of LLC?     Single member LLC?   S-Corp?  Partnership?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
New Member

I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?

You can file your 1099s and W-2s with the TurboTax software editions that handle business (explained below). The online versions use Quick Employer Forms. You can also access the Quick Employer Forms, directly to complete your forms through this link: https://quickemployerforms.intuit.com

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). You'll find the online software here: https://turbotax.intuit.com/personal-taxes/online/

If you elected S-corp status, you'll use TurboTax Business (desktop software) and file form 1120-S, providing yourself Schedule K-1 (1120S) to enter with your personal return. If you worked in the business, you need to pay yourself like you pay your employees and issue yourself a W-2. You'll find the business software here: https://turbotax.intuit.com/small-business-taxes/

View solution in original post

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