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rtax
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My husband and I both own businesses. Both are LLCs but I have two partners. Would we be able to use the same program or should both businesses have their own?

 
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IreneS
Intuit Alumni

My husband and I both own businesses. Both are LLCs but I have two partners. Would we be able to use the same program or should both businesses have their own?

No - You won't be able to use the same program for both businesses.

Since your husband is a sole proprietor, his business is reported on a Schedule C in the 1040.  He will need TurboTax Self Employed (online) or Home & Business (CD/Download).

Your business is set up as a partnership.  For a partnership return (1065)  you will need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business

As part of the 1065 return, TurboTax will prepare a K-1 form for each partner, indicating their share of income and deductions.  You will add the K-1 to the individual 1040 return for you and your husband.


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IreneS
Intuit Alumni

My husband and I both own businesses. Both are LLCs but I have two partners. Would we be able to use the same program or should both businesses have their own?

No - You won't be able to use the same program for both businesses.

Since your husband is a sole proprietor, his business is reported on a Schedule C in the 1040.  He will need TurboTax Self Employed (online) or Home & Business (CD/Download).

Your business is set up as a partnership.  For a partnership return (1065)  you will need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business

As part of the 1065 return, TurboTax will prepare a K-1 form for each partner, indicating their share of income and deductions.  You will add the K-1 to the individual 1040 return for you and your husband.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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