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Level 1
posted Feb 10, 2022 9:05:06 PM

My girlfriend and I created an llc where we share ownership 50/50. When I go through the small business wizard on turbotax there is no mention of jointly owned business

I expected to get a schedule k-1 1065 for myself and my girlfriend so we could apply those to our personal taxes.

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1 Replies
Level 15
Feb 10, 2022 9:46:14 PM

if the property the LLC owns is rental property or it's engaged in a business you need Turbotax Business to prepare a partnership return.  then each of you will use their K-1 in preparation of their personal returns.

this software only runs on a full Windows PC - no online or MAC version is available

 

also, since you need to prepare separate personal returns you will need two online a/c's.  if you use the same a/c to prepare both, the second one that is prepared will eliminate the first completely.