AliciaP1
Expert Alumni

After you file

Since you are a registered (with your state) multi-member LLC you will need to file a tax-year 2020 Form 1065 and amend your tax-year 2020 Form 1040.  However, you do not need to wait to file tax-year 2021 1065, but it may be easier for carrying information forward.  There are owner capital balances that have to reconcile forward and the 2020 return will be listed as the first return.

 

Per the IRS:

 

Note: If an LLC is owned by husband and wife in a non-community property state, the LLC should file as a partnership. LLCs owned by a husband and wife are not eligible to be "qualified joint ventures" (which can elect not be treated as partnerships) because they are state law entities.

 

See Limited Liability Company (LLC) for more information.

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