I have not been able to get to any page with TT home and business that indicates that 568 will be efiled. However, I did manager to get a print out of CA 568 (and also decided to get a waiver from the FTB website for the same)
However, I have another question which is causing some pain for me.
We (husband and wife) have an LLC (established last year, 2020) for a condo that we rent in CA.
We want to treat this is a disregarded entity (single member LLC) for tax purposes.
My question is: Can I create two businesses in the Federal portion (with two different names - LLC Name (A) and LLC Name (B)) so that my wife and I can both have Schedule C's, with the profits and expenses divided in half, but then COMBINE the two to generate ONE CA 568 form with our EIN?
Do I specify the EIN (same one) for both Federal businesses that I create, or do I leave it blank?
Do I say that the two businesses are somehow related to each other in the federal portion ?
Finally, when generating CA taxes, it gives me the option to create a single CA 568 form - How do I combine these two businesses into the single CA 568 form?
I have not been able to do the above successfully as yet - However, I did went thru an exercise where I created just one business under one of our names, and generate the CA 568 form when doing CA taxes portion .
Any help would be greatly appreciated.
thanks,
mbgsvo
