First question: Are you and your spouse residents of any of these states?
- Arizona,
- California,
- Idaho,
- Louisiana,
- Nevada,
- New Mexico,
- Texas
- Washington, or
- Wisconsin.
Assuming that you are not a resident of one of these states, you file the partnership return Form 1065 for the LLC, and that filing should generate Schedules K-1 for each partner with earnings and expenses reflected which are then carried forward to your personal Form 1040.
The IRS is very critical of partnership distributions and as Critter stated, partnership earnings and distributions must be shown and distributed as partnership distributions, with both allocated income and any allocated expenses as appropriate. You are partners not contract employees.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
