Business & farm


@mattrussell2000 wrote:
On my 2019 tax form, it references a 1065 form. Does our business need to file a separate tax form to fed or state even though each of the 3 members will be filing under self employed?

Yes, a separate income tax return needs to be filed for the LLC (Form 1065).

 

Since this is a multi-member LLC filing a Form 1065 is generally required and each member of the LLC will receive a Schedule K-1 which will list each member's share of the LLC's income, deductions, credits, etc. 

 

Each member will then enter the information from the member's K-1 (1065) into the member's individual income tax return.

 

Note that, at this point, Form 1065 is past due for calendar year LLCs (the return was due March 16th) so there could be penalties involved.

 

Regardless, you need to seek professional guidance for this matter.

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