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posted Jun 2, 2020 7:15:41 AM

I want to do my personal taxes but i am now part of a LLC. what turbotax edition should i use?

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1 Best answer
Level 15
Jun 2, 2020 7:25:51 AM

If the LLC is a Corporation then it files a Form 1120 income tax return.  If the LLC is a Partnership then it files a Form 1065 income tax return.

Corporation or Partnership tax returns can only be created, completed and filed using the TurboTax Business Edition.  The Business Edition can only be installed on a Windows base personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return - https://turbotax.intuit.com/small-business-taxes/

 

The Corporation or Partnership issues you a Schedule K-1 for your share of the income, deductions, etc.  The Schedule K-1 is entered on your personal tax return.

Using the TurboTax online editions you would need either the Premier or Self-Employed editions for entry of the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/online/

Using the TurboTax desktop CD/Download editions, any edition can be used for the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/

1 Replies
Level 15
Jun 2, 2020 7:25:51 AM

If the LLC is a Corporation then it files a Form 1120 income tax return.  If the LLC is a Partnership then it files a Form 1065 income tax return.

Corporation or Partnership tax returns can only be created, completed and filed using the TurboTax Business Edition.  The Business Edition can only be installed on a Windows base personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return - https://turbotax.intuit.com/small-business-taxes/

 

The Corporation or Partnership issues you a Schedule K-1 for your share of the income, deductions, etc.  The Schedule K-1 is entered on your personal tax return.

Using the TurboTax online editions you would need either the Premier or Self-Employed editions for entry of the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/online/

Using the TurboTax desktop CD/Download editions, any edition can be used for the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/