turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am trying to file for LLC 1st time?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Carl
Level 15

I am trying to file for LLC 1st time?

What kind of LLC? It matters big time.

- A single member LLC is a disregarded entity and is reported on SCH C as a part of your personal 1040 tax return.

- A multi-member LLC is the exact same as a partnership for tax purposes and files it's own physically separate 1065 Partnership Return. Then the Partnership issues each owner a 1065-K1 which each owner will need for reporting on their own individual 1040 personal return.  Additionally, the 1065 is Due March 15th of each year. If you filed an extension for the 1065 then it's due Sept 15th. If you file late then the late filing penalty is $200 per month, per owner.

- An LLC that has filed form 2553 or 8332 to be "treated like an S-Corp" for tax purposes files an 1120-S tax return. Due dates and penalties are the same as for a multi-member LLC/Partnership.

 

I am trying to file for LLC 1st time?

If you need to file a 1065 or an 1120-S tax return, you need TurboTax Business which is completely different from the personal tax return software. It must be downloaded and installed on a personal computer. It is not available for a Mac computer. Here is where to buy TurboTax Business from TurboTax: https://turbotax.intuit.com/small-business-taxes/

 

If your filing your company as a disregarded entity on Schedule C of your personal tax return, you can use any version of the CD/download product installed on your computer. If you use the online product and have any expenses, you will need the Self Employed version.  Here is the web site link to buy the version you want: https://turbotax.intuit.com/personal-taxes/cd-download/

This is for the CD/download products but the online products are at the same link.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies