Have self employed turbo tax, but changed to a LLC in August, need business turbo tax can I change once I started?

[DoninGA]

What type of LLC?  Multi-member LLC?  Or a single member LLC?

[tsrdar]

Mulit-Member LLC

[tsrdar]

Asking due to the LLC made a donation, it is telling me to you it as personal donation.  Would that be ok.  This s a husband and wife Multi-member LLC

[tsrdar]

Thank you

[DoninGA · Accepted solution]

For a multi-member LLC you will need the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot complete a personal tax return, Form 1040.  Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

You will still need to file your personal tax return and report the Schedule K-1 received from the business on your personal tax return.  Using the online editions of TurboTax you will need either the Premier or Self-Employed editions to report the Schedule K-1.  Using the desktop CD/Download editions of TurboTax, any of the desktop editions can be used to complete a personal tax return and report a Schedule K-1.