It depends on what state you live in. If you and your wife are the only members of the LLC, and you live in a community property state and hold your interests in the LLC as community property, you can use TurboTax Self-Employed. You would file your tax return as if the LLC didn't exist. (You treat it as a "disregarded entity.") You and your wife would each file a Schedule C for your respective shares of the business income and expenses.
If you do not live in a community property state, the multi-member LLC has to be treated as a partnership. The LLC has to file a partnership tax return, Form 1065, separate from your personal tax return. You need TurboTax Business (not Home & Business) to file the partnership return. But TurboTax Business cannot do your personal Form 1040 return. You need one of the personal editions for that.
If you do live in a community property state, you can choose to treat the LLC as a partnership instead of as a disregarded entity, if you wish.
The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
You cannot use TurboTax Business to file personal Form 1040 tax returns for you and your children. You need one of the personal editions of TurboTax for that.
