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Business & farm
If you were trying to keep it simple, you shouldn't have formed the LLC. 😀
You need to file a separate Partnership return, and then the K-1s from the Partnership returns will be entered on your personal tax returns.
I recommend going to a tax professional for at least the first year for the Partnership return.
If you did not file an extension for the Partnership return, it is already 4 months late (soon to be 5 months late), with fairly large penalties. This is another reason to go to the tax professional to try to abate those penalties.
Texas also may have a separate return/tax/fee for LLCs.
‎July 10, 2020
9:19 AM
662 Views