We used to file as a sole proprietary , but now the LLC , the main member added her husband to be 50/50. So I believe we have to file form 1065 and give them both a K-1. They live in California. Do we still need to file form 1065. Please advise.
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As Opus pointed out, you have the OPTION to file Form 1065 *OR* file two separate Schedule Cs (an LLC in a non-community property state does not have that option).
Assuming an extension wasn't filed for the 1065, using two Schedule Cs will avoid the $2800 late-filing penalty.
As SweetieJean pointed out, this forum is for TurboTax users. If you are a tax professional, please post any future questions on a professional forum.
As Opus pointed out, you have the OPTION to file Form 1065 *OR* file two separate Schedule Cs (an LLC in a non-community property state does not have that option).
Assuming an extension wasn't filed for the 1065, using two Schedule Cs will avoid the $2800 late-filing penalty.
As SweetieJean pointed out, this forum is for TurboTax users. If you are a tax professional, please post any future questions on a professional forum.
Sorry, but TT is not licensed for use by paid tax preparers. Go here instead:
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