If the two members are spouses and filing a joint tax return, you can elect to be treated as a single member LLC. A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).
You will enter your business information under the Business tab of the program. There is a section to enter the general information about the business and then there sections for both income and expense. The program will generate a Schedule C which is included in your individual tax return.
Otherwise, you are considered a multi-member LLC. A multi-member LLC must file their own tax return. The IRS treats this type of LLC as a partnership. This means that the LLC’s income and expenses are distributed to the members using a Form K-1. This tax return can be prepared using Turbo Tax Business.
You will include the Schedule K-1 in your personal tax return. Schedule K-1 is not reported on a Schedule C. You can use Turbo Tax Premier to include K-1 information.
You do not need to be licensed to complete a tax return for your LLC. You will likely have to file a state return as well.
Read the article below for more information on how to file an LLC return.
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Limited-Liability-Company-Taxes/...Also see the link below for information on how to purchase and install Turbo Tax Business.
https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...
