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?
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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.
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.
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