ThomasM
New Member

Business & farm

Yes, your multi-member LLC requires its own tax return be filed (Form 1065, Partnership return).  You won't file it on a Schedule C.

You'll need TurboTax Business software to file the partnership return.  It's available in CD/Download only, and is Windows based.  Here's a link:  https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...

The filing deadline for partnerships who are on a calendar year was March 15.  Fiscal year filers have a deadline of the 15th day of the 3rd month following the end of the fiscal year.  So if you're on a calendar year, your return will be late and subject to a penalty of $195 per month multiplied by the number of partners.

However, here's a well-written article on IRS Revenue Procedure 84-35 which allows for a penalty waiver that's automatic under certain criteria: https://pdxcpa.wordpress.com/2014/02/02/partnership-late-filing-penalty-2014-update/. The article is from 2014, so ignore any reference to the old filing deadline of April 15.

Finally, once you've prepared the partnership return, each partner should be issued a Schedule K-1 (for his share) which he'll then use to prepare his personal tax return.  You'll need TurboTax Premier online to prepare your 1040, since it will support the K-1.