turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

misaacs20
New Member

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
LeeM
New Member

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

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:

  1. 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;

  2. No person other than one or both spouses would be considered an owner for federal tax purposes; and

  3. The business entity is not treated as a corporation under Regulations section 301.7701–2."

----------------------------------------------------------------------------------------------------------------------

View solution in original post

4 Replies

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

Is the other owner your spouse? If so, which state?
misaacs20
New Member

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

No, it's in GA
LeeM
New Member

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

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:

  1. 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;

  2. No person other than one or both spouses would be considered an owner for federal tax purposes; and

  3. The business entity is not treated as a corporation under Regulations section 301.7701–2."

----------------------------------------------------------------------------------------------------------------------

misaacs20
New Member

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

OK that's what I thought, thank you.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question