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My wife & I started a business this year as a partnership . We file our taxes jointly but noticed Turbo Tax only supports single member LLC's. What options do we have?

My wife & I started a business this year as a partnership (LLC). We file our taxes jointly but noticed Turbo Tax only supports single member LLC's. What options do we have?

Thank you 🙂
2 Replies
Critter-3
Level 15

My wife & I started a business this year as a partnership . We file our taxes jointly but noticed Turbo Tax only supports single member LLC's. What options do we have?

If you started a partnership then you need the TT BUSINESS program to complete the form 1065 which is due by 3/15  and must be completed before the personal return.  

 

  1. For your multi-member LLC, you will need to use TT Business.  This is only available for as a download and only for windows environments. https://turbotax.intuit.com/small-business-taxes/ 
  2. Once you have completed the business return (form 1065) you will use the K-1's to complete your personal tax return (form 1040).  Check out the intuit home page to determine which product best suits your needs.  There are numerous options for both download and online
  3. Multi-member LLC tax returns can be complicated, especially the initial year.  I would recommend that you consult with a tax professional at least for your initial year to get started on the right path and help you understand the nuances of partnership tax.
npierson7
Level 1

My wife & I started a business this year as a partnership . We file our taxes jointly but noticed Turbo Tax only supports single member LLC's. What options do we have?

It will make filing your taxes easier if you file you first tax return as a husband-wife LLC as disregarded entity, the same as Single member LLC. To do so, you must file jointly and you'll need to split all your income and expenses in accordance to ownership and file two separate Schedule C with your tax return. Otherwise, you'll be required to file partnership tax return Form 1065, and a state tax return (in some states).

 

You can learn more about that here:

 

Married Couples in Business

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