Hello everyone. Thank you for taking the time to read my post and helping me out.
I have an LLC with 3 other members (Total of 4). We are in the business of purchasing and leasing residential homes. Anyway, I purchased Turbotax Business and filed those taxes. When I completed the taxes, I notice it created a Schedule K-1 for each member. Though I already created a Schedule K-1 for each member prior and provided it to them.
I read that doing Form 1065 is informational only and the Schedule K-1 form it will be used by each partner to report income, deductibles, and so forth on their personal taxes as a pass trough. Here are a few questions.
1. Does each member have to purchase Turbotax Business or any other program to file Form 1065?
2. When I completed Turbotax business, it offered to do the state taxes as well, which I paid the $50 for and did it. If each member doesn't have to purchase Turbotax Business, does each other member have to file separate state tax for the LLC?
3. Since I did Form 1065 & the state tax through Turbotax business for the LLC and sent out Schedule K-1 to all the members, can they just use that form with their personal taxes and not have to worry about Form 1065?
Once again, thank you for your time and help.
