LLC filing for a Married Couple-Form 1065-What Turbo Tax Software Do I Need?

[Critter]

And wait ... there is more .... the 1065 is due 3/16/2000 unless you put it on extension ... so file timely.  And the personal return can be filed later ... those are due 4/15/2020 unless they go on extension. 

[Beachballus]

So if I live in Texas and I have Turbo tax Home and Business I just have to follow what the directions say and send that in for my form 1065. Is that correct? Or do I need a different application?

Thanks!

[AmyC]

Maybe, you have two choices.

• You can do a schedule C since TX on your home and business.
• You can do a partnership return using business software for your partnership. Here is the link to Turbo Tax Business Software. Once done, you will each have a K1 that will go into your personal return using the home and business software you have.

@Beachballus

[Critter]

Wait ... if you MUST file a form 1065 then you have to use the TT BUSINESS program to produce a 1065 ... then the K-1 forms produced by the 1065 will be entered on your personal tax return.  

If you are not required to file a 1065 then you will file 2 sch C forms with your personal tax return instead of the 1065.   

If you are unsure of what you are doing then seek local professional assistance asap to get educated in what your filing requirements are for at least the first tax return ... after that you may try it yourself. 

[az_sage]

So, I have to file form 1065.

I bought the TurboTax Home and Business under the impression it had everything I need. and I only have a Mac/OS.

Another tax expert said I should not file Schedule C because that will get me in trouble but that is all the home and business is allowing.

TurboTax Business isn't made for MAc.

What do I do?

[ThomasM125]

@az_sage

There are instances wherein you can file a husband and wife partnership on separate schedule C's as follows, from the IRS:

You can read more about that here:  Two member LLC filing as sole-proprietor

Otherwise, you won't be able to prepare your partnership tax return using TurboTax on your Mac computer, unless you modify it to run on Windows. You may be able to return the Home and Business product you purchased if you speak with the retailer you purchased it from.

[pfletch51]

I learned so much from reading the replies from the question you posted as I was having the same issue. My only difference was I live in Alabama which is not a community property state either I believe. I did not know I would have to pay the excise state tax if showing a profit but I do now if I am understanding this correctly. Thanks for all the info!

[VolvoGirl]

Everything has been answered above.  Review this whole thread.  What are you looking for?  Do you need the separate Business program?  You might need 2 programs, both personal and Business.  

Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.

You can buy the Window's version here…..

https://turbotax.intuit.com/small-business-taxes

[pfletch51]

I edited my response because I had not read the whole thread. My questions were answered once I did. 

[Critter-3]

FYI ... if you use the downloaded personal program you can save some money and just get the Deluxe (Basic if you don't need to file a state return)  since all of the downloaded programs handle all the same forms.   The higher priced ones just have some extra interview guidance so start cheap and only upgrade if you feel you need more help.