AnnetteB6
Employee Tax Expert

Business & farm

If your LLC was formed as a partnership, then the IRS will expect a Form 1065 partnership return be filed under the Federal ID that was assigned to your LLC.  You are not required to file the partnership return if there was no income received and no expenses to be claimed

 

Otherwise, you can use TurboTax Business to create and file the partnership return.  This can be filed electronically.  This will also generate K-1s for each partner.  Then the K-1 will be reported on each partner's personal return for their share of income and expenses.

 

An LLC formed as a partnership, even with a husband and wife, cannot be reported on your personal return through Schedule C.   If you included information about your LLC on your personal return without entering that information through a K-1, you will need to amend that return to correct it after you have created the K-1s for the partnership.

 

Here is a link to learn more about TurboTax Business:  TurboTax Business

 

@REMC112

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