Hi,
I have looked thru a lot of the Q&A on CA LLC (form 568) for getting information that I need, but had some specific questions, which I am hoping someone can answer.
We have used Turbo Tax for many years for our personal Federal & CA State taxes, and we like it.
For context, we created a SMLLC in CA for rental purpose Nov 2020, and I understand that CA needs to to have the $800 Franchise Tax Board payment (Form 568) to be sent within 3 or 3.5 months of forming the LLC. Thus, I need to complete our taxes sometime in Feb 2021 so that we are not late.
We applied online for LLC's EIN at IRS website (for banking purposes), and received one from the online website (by the way, it was down for a long time over the winter break, but was up as of end of last week)
1) Can Turbo Tax Home and Business for Tax year 2020 be used for filing Form 568 along with my Federal & CA State taxes?
I assume the answer above is YES for SMLLC, but wanted to confirm -
2) There was a lot of discussion on this forum last year in 2019 and early this year in 2020 whether Turbo Tax Home & Business *can* or *cannot* efile Form 568 for Tax Year 2019.
Many answers said you can efile your Federal & CA State taxes (even if it has Form 568 in it), but then TT will ask you to print Form 568 so that you can mail it separately to Franchise Tax Board (after applying for efile waiver from Franchise Tax Board)
Does anyone know whether this has been fixed? That is, can Turbo Tax Home & Business for Tax Year 2020 efile Federal/CA State along with Form 568?
Or is it still the case that I will be able to efile my Federal & CA State taxes, but have to mail Form 568 separately?
3) I would like to make sure we use our EIN for Form 568 - Does Turbo Tax Home & Business for Tax Year 2020 allow LLC's EIN to be entered somewhere? Is this obvious?
4) Finally, given that I need to submit my Form 568 *earlier* this year (first time for our LLC), do I have to go through *all* my Federal & CA state taxes in Turbo Tax *BEFORE* Form 568 can be completed by Turbo Tax?
Or can I somehow just file Form 568 information first, print it, mail it with the $800 check, and then later complete my Federal & CA State taxes?
5) Finally, I was told by a friend that the $800 can be paid *online* at California Government website for LLC, and the Form 568 can be mailed in later.
Is that true? Does anyone know the website where to pay $800 LLC tax with Franchise Tax board?
If I pay the $800 online, do can I submit my Form 568 later than Feb 2021 (i.e. use the April 15 tax year deadline for this)?
Thanks,
Mahesh
