multi-member LLC

[scwalden1224]

I have an LLC with a colleague. First year of LLC.  Are the rules the same this year.

File Form 1065 partnership Tax return.  Schedule K-1 for each of us. 

Would the TurboTax Business version lead me through both business and personal filling? 

I live in a state that does not require State income tax.   

[ThomasM125]

Yes, the rules are the same as if you had been in business for several years. You need to a file partnership Form 1065 which will include a schedule K-1 for each partner.  TurboTax Business will allow you to file the partnership return, but you will need a separate individual TurboTax product to file your personal returns. You can prepare your personal returns online with TurboTax and the initial questions you answer will determine which version of TurboTax is appropriate for you.