- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
Is it necessary for us to file a 1065 even though we were at a loss? Do we each do a 1065 or is it done together? How do we put information about our business on a 1040 form if that is what we use for our personal taxes?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
UPDATED FOR TAX YEAR 2019
If the LLC is set up as a partnership, you prepare one 1065 return for the partnership. As part of the 1065, TurboTax will prepare a form K-1 - Partner's Share of Income, Credits, Deductions, etc. for each partner. Include the information from the K-1 in your 1040 return.
If you and your spouse own the business jointly, you won't need to file a partnership return if you split your business income and expenses between you and report them as separate businesses.
Here's how you do it:
1. Split all of your business income and expenses according to your ownership percentages.
2. Change the ownership of the Schedule C to you.
3. Enter your income and expenses on this Schedule C.
4. Create a new Schedule C for your spouse (make sure the business description is different from yours).
5. Enter your spouse's share of the income and expenses on the new Schedule C.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
UPDATED FOR TAX YEAR 2019
If the LLC is set up as a partnership, you prepare one 1065 return for the partnership. As part of the 1065, TurboTax will prepare a form K-1 - Partner's Share of Income, Credits, Deductions, etc. for each partner. Include the information from the K-1 in your 1040 return.
If you and your spouse own the business jointly, you won't need to file a partnership return if you split your business income and expenses between you and report them as separate businesses.
Here's how you do it:
1. Split all of your business income and expenses according to your ownership percentages.
2. Change the ownership of the Schedule C to you.
3. Enter your income and expenses on this Schedule C.
4. Create a new Schedule C for your spouse (make sure the business description is different from yours).
5. Enter your spouse's share of the income and expenses on the new Schedule C.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I own an LLC jointly,but also work a full-time job do I file a 1040 with my info from both the LLC and my job?Do we file a 1065 jointly or separate(We operated a loss)?
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Or browse the Forums