You'll need to sign in or create an account to connect with an expert.
No, unfortunately not, since it is a multi-member LLC, you will need to use TurboTax Business (unless you live in a community property state and the only other member is your spouse).
Since the LLC is a partnership, normal partnership tax rules apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income (PDF). Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.
You would then use those K-1s and your other personal income date to prepare your personal taxes using TurboTax Home and Business.
Special Community Property Rules
You might not need to use the TurboTax Business product if you happen to live in a community property state and the other member is your spouse (if there are only 2 members):
----------------------------------------------------------------------------------------------------------------------
"Community Property
A married couple may choose to treat a business entity as a partnership or as a disregarded entity if:
The business entity is wholly owned by the couple as a community property under the laws of a state, a foreign country, or possession of the United States;
No person other than one or both spouses would be considered an owner for federal tax purposes; and
The business entity is not treated as a corporation under Regulations section 301.7701–2."
----------------------------------------------------------------------------------------------------------------------
No, unfortunately not, since it is a multi-member LLC, you will need to use TurboTax Business (unless you live in a community property state and the only other member is your spouse).
Since the LLC is a partnership, normal partnership tax rules apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income (PDF). Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.
You would then use those K-1s and your other personal income date to prepare your personal taxes using TurboTax Home and Business.
Special Community Property Rules
You might not need to use the TurboTax Business product if you happen to live in a community property state and the other member is your spouse (if there are only 2 members):
----------------------------------------------------------------------------------------------------------------------
"Community Property
A married couple may choose to treat a business entity as a partnership or as a disregarded entity if:
The business entity is wholly owned by the couple as a community property under the laws of a state, a foreign country, or possession of the United States;
No person other than one or both spouses would be considered an owner for federal tax purposes; and
The business entity is not treated as a corporation under Regulations section 301.7701–2."
----------------------------------------------------------------------------------------------------------------------
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
greeraj
New Member
sharfrutkoff
New Member
nielmag
New Member
misaacs20
New Member
garrywilliams5
New Member