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If you have a single-member LLC and have not made an election to be taxed as a corporation, you can file as a disregarded entity (i.e., as a sole proprietor on Schedule C) on your individual income tax return.
However, you will need to upgrade to TurboTax Self-Employed if you want to use an online TurboTax product.
Note that you can use any desktop (installed) version of TurboTax.
If you have a single-member LLC and have not made an election to be taxed as a corporation, you can file as a disregarded entity (i.e., as a sole proprietor on Schedule C) on your individual income tax return.
However, you will need to upgrade to TurboTax Self-Employed if you want to use an online TurboTax product.
Note that you can use any desktop (installed) version of TurboTax.
For the LLC, if you are the only member then you have a single member LLC, which is considered a disregarded entity by the IRS for tax purposes. What that means is that you file the LLC on your personal tax return as if you are self-employed - in regards to the LLC. You will need to upgrade to TurboTax Self-Employed if you use Online version.
If you have a multi-member LLC, then you would have to complete a partnership return Form 1065.
I have the TurboTax Home and Business online version. I have a two member LLC that does not profit more than $500-800. Can I import the Form 1065 into the Home and Business version?
@Jack K wrote:
Can I import the Form 1065 into the Home and Business version?
No. You need to prepare Form 1065 with a product such as TurboTax Business (link below).
In the process of preparing Form 1065, K-1s will be generated and you will enter the information from your K-1 into your individual income tax return.
Thanks! Can I pay an upgrade fee, or will I have to pay the full $169
Sorry you have to buy and install the Business program separately from your personal tax return.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
@Jack K wrote:
Thanks! Can I pay an upgrade fee, or will I have to pay the full $169
It is a bit less expensive at Amazon, currently.
Unless your partner is your spouse, then you could do 2 schedule C's for a qualified joint venture.What TurboTax do I need for a Qualified Joint Venture? Qualified Joint Venture With Husband - Dividing Income & Expenses
If you purchase the business software, that is not an upgrade as it is a completely different case. You can then use your current software to enter the K-1 forms that are generated from the business.
The QJV option is not available for state law entities, such as LLCs , but @Jack K could report on Schedule C if the partner is a spouse and they reside in a community property state.
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