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I have both a corp (1/2 year) and a LLC (full year), how could i add my llc information to my tax return

I opened Corp for the last quarter 2018 and have an ongoing LLC as well. When I entered my corp information, it is not allowing me to add LLC information. please advise

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1 Reply
JulieCo
New Member

I have both a corp (1/2 year) and a LLC (full year), how could i add my llc information to my tax return

The business activity for a corporation and an LLC are required to be filed on different types of tax returns, so the business activity is not allowed to be filed together on one form.

The corporation will file the form for the entity type:  C Corporation (1120) or S Corp (1120S).

For the LLC, it will depend upon whether the LLC is a single member or multi-member LLC: 

  • If your LLC is a single member LLC (also applies if both spouses are members in a community property state), then the IRS treats it like a disengaged entity and the LLC business activity should be reported on your personal income tax return (Schedule C, E or F of your 1040). 
  • If your LLC is a multi-member LLC, then a 1065 form is required to be filed for the business. 

The TurboTax Business software is required to create 1065, 1120, and 1120S forms.


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