kgpuzio
New Member

I have an LLC with 7 part-time employees and 3 consultants (1099). I have all the equity and ownership. We earned 200K income. What version of turbo tax can I use?

 

Business & farm

What type of LLC?     Single member LLC?   S-Corp?  Partnership?
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AmandaR1
New Member

Business & farm

You can file your 1099s and W-2s with the TurboTax software editions that handle business (explained below). The online versions use Quick Employer Forms. You can also access the Quick Employer Forms, directly to complete your forms through this link: https://quickemployerforms.intuit.com

If you have a Single Member LLC, then your business defaults to be taxed as self-employed and you can file your business with your personal return, using TurboTax Self-Employed (online) or TurboTax Home and Business (desktop). You'll find the online software here: https://turbotax.intuit.com/personal-taxes/online/

If you elected S-corp status, you'll use TurboTax Business (desktop software) and file form 1120-S, providing yourself Schedule K-1 (1120S) to enter with your personal return. If you worked in the business, you need to pay yourself like you pay your employees and issue yourself a W-2. You'll find the business software here: https://turbotax.intuit.com/small-business-taxes/

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Business & farm

Hello, we finally got around to filing our 2019 1120S return today.  Must we file W2s and 1099s separately or somewhere else?   Does the TruboTax Business 2019 version automatically file W2s and 1099s with the 1120S return? 

Business & farm

You have to prepare them separately.  Did you prepare them?  It's too late to use Quick Employer Forms for 2019.  But you can use the built in W2/1099 reporter and them mail them.

 

In the Window's Home & Business or Business Desktop program to Prepare W2s or 1099s, go to Start a New Return or File-New Return.

Then on the next screen it asks What would you like to do?

 

Check the circle that says Prepare W-2s and 1099s for my employees or contractors.  Then that will expand and give you a choice to prepare them online or on your computer.  But as I said you will have to do them on your computer since Online is only for 2020 now.

Business & farm

W-2 and 1099 forms for the 2019 tax year was due 1/31/2020 so you are now more than a year late so expect heavy penalties to be assesed. 

Business & farm

And expect penalties for the late filed 2019 form 1120S as well  ... and if you were in business in 2020 then the payroll tax forms & the tax return are also very late ... get them completed ASAP. 

 

And if you as the working owner of the S-Corp are not taking wages and issuing yourself a W-2 then you have bigger issues to tend to ... seek out a local tax pro to get you up to date and help you get out of the penalties that are piling up as I type.  

 

And for the W-2 employees ... I hope you have been filing (and paying)  the quarterly payroll returns and annual payroll returns along with the FUTA, SUTA and any other state forms that are needed.  If not then you need to get help ASAP before they come looking for you.