BillM223
Expert Alumni

Business & farm

I do not know who "we" is.

 

The LLC, assuming that it is not a disregarded entity and that you have not chosen to be taxed as a corporation, should file its own 1065 (partnership return).

 

The partnership should them create K-1(s) describing the amounts being funneled to each partner.

 

Then each partner will file his/her own 1040 return, using his/her own K-1 as well as all the other forms that belong to the individual.

 

Tell me, how many owners are there? Is there just you and your spouse and you live in a community property state?

 

There are a lot of variables here, so the text above is just a guideline.

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