Is this a multi-member LLC? If so, who are the other members? Spouse? What state?
Basically, if you are in a community property state OR if you are not married to the partner and filing a joint tax return, then you need to report all business income and expenses on a 1065 partnership return. For that, you have to use TurboTax Business. (different from Home & Business. TurboTax Business is only available for Windows. It's not available as an online product, or for MACs. Get it at <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/</a>
You can probably get it much cheaper if you purchase it over the counter in person at a local authorized retailer.
Thank you Carl. It is a partnership and we are un-married, so I think we will need to get TurboTax Business. It seems like TurboTax could have discerned this and recommended it through the questions I answered already, but it was not clear at all through the web service.
"How do I switch if need be? "
You report the SCH C business as closed in 2017 on your personal tax return.
I posted the above same time you posted apparently. Is this a case where you already own a SCH C business, and in 2017 you took on a partner who now owns a percentage of the business? (50/50 I presume)
Wait a miniute now. Lets back up. In your post you say "currently on self-employed". I can take that two ways. Did you own a sole proprietor business of which you were the only owner of, in 2017?
No, sorry, I see the confusion now. My TurboTax account is on the self-employed version currently because I did some freelance work in 2016. I did not own a business prior to the formation of the LLC in question in 2017.
AH okay. I'm with you now.
Basically, you need TurboTax Business to complete and file a 1065 partnership return.You need to complete the partnership return first, before you can even start your personal return. That's because the partnership will issue each owner a K-1, which each owner will need for their individual personal 1040 tax returns.
Does that answer all your questions thus far?
To follow up on Super User Carl's advice, you can visit the following link to purchase TurboTax Business for 2017: TurboTax Business