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wampti
New Member

My two brothers and I formed a 3-member LLC this year. What are the options to report this income?

Do we have to pay self employment tax? Can we deduct personal health insurance premium?

2 Replies
Critter
Level 15

My two brothers and I formed a 3-member LLC this year. What are the options to report this income?

A multi member LLC MUST file a partnership return ... if you are not familiar with the form 1065 and need help with your books then I highly suggest you seek professional guidance your first year so you get things done/set up  correctly ... making mistakes can be costly later. 

TomD8
Level 15

My two brothers and I formed a 3-member LLC this year. What are the options to report this income?

You might also want to read this:  https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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