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Returning Member
posted Mar 14, 2022 7:00:17 PM

Multiple LLCs. 3 with partners. 2 as a sole owner. What can I use?

I have multiple llcs and I know that turbotax business works for the 3 llcs that are multiple-member but it does not work with llcs if you are the sole owner. 

 

What version of Turbotax works with owners of two or more sole owner LLCs? It looks like Home & Business only allows one LLC to be entered if I'm correct. What does TT offer for this situation?

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2 Replies
Expert Alumni
Mar 14, 2022 7:21:35 PM

You need TurboTax Business for the multi-member LLCs.  You can file Partnership returns (Form 1065) and S-Corp (Form 1120-S) with the Business program.  For the single member LLCs, unless you have opted to be taxed as an S-Corp, you will file on Schedule C, as part of your personal return.  You can create multiple businesses in TurboTax Self-Employed (the online version) or TuboTax Home and Business.  Each business you create will have it's own Schedule C.  I am not aware of any limit to the number of businesses/Schedule Cs you can have.

Returning Member
Mar 14, 2022 7:38:31 PM

 "You can create multiple businesses in TuboTax Home and Business."

 

Ok this is perfect and what I need.  I appreciate it!