RobertB4444
Expert Alumni

Business & farm

First, you should have filed a 1065 partnership return this year.  That would pass the income through to you at a lower tax rate.  Unfortunately, that return was due on March 15th and if you file it now you'll owe at least $440 as late fees and another $440 for every month (or part of a month) that it arrives late.  

 

Since you're not doing the partnership return (which you don't have to do - an LLC is a disregarded entity) there is no point in splitting the partnership up on your schedule C for this year.  Just enter it all under your name or your wife's name.

 

And then use the 1065 next year for sure.

 

@pike5131 

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