All the business activities conducted through the LLC, regardless of the trade name used, are reported on the LLC Form 1065 U.S. Return of Partnership Income. You can prepare a Form 1065 tax return with TurboTax Business.
The partnership does not pay income tax. Instead, all the partnership income is "passed through" to the partners, who each receive a Schedule K-1 with their share of the partnership income and other items. That Schedule K-1 is generated when the Form 1065 tax return is prepared after the end of the year. The partners then use that Schedule K-1 to prepare their own individual Form 1040 tax returns.
The individual partners must pay the taxes on their partnership income, and should make estimated tax payments during the year if the partners have taxable income (from the partnership or any other source) for which there is no federal or state tax withholding. The federal taxes due on the partnership income will include not only the income tax, but also self-employment (SE) tax for the partner's Social Security and Medicare tax. So, if the partnership is earning money it is important for the partner to make estimated tax payments during the year.
See this TurboTax Help article on LLC taxation for more details.
See this TurboTax Help article on Estimated Tax Payments for more information.
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