NOPE ... if you are a multi member LLC who has NOT made the S-Corp election then you MUST file a 1065 and the profit passed thru is subject to SE taxes.  It is too late to make any changes for the 2020 tax year. 

If you want to take some as draws and some as a paycheck subject to payroll tax withholding/reporting then you will have to properly make the election timely.  OR you close the partnership and open again as a C-Corp. 

 I think you really need to talk to a local tax professional to get educated in all the options and the pros and cons of each.  

unless located in a community property state a two-member LLC, even husband and wife, must file a partnership return unless it has elected S-corp or C-corp status. but then a corporate return must be filed.   failure to file a return has a penalty of about $400/month for up to 12 months.

from the partnership you can take tax- free distributions that represent profits

if you have an S-Corp or C-Corp you have a different issue.  the IRS looks very unfavorably on a corp where the owners who perform services for it don't take salaries.  the penalties for that can be substantial.   so too, from a S-corp you can take tax-free distribution of any remaining profits.  from a C-corp any distribution of profits is taxable as dividends 

as Critter 3 has stated you really need to see a tax pro to get educated.  

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@Mike9241     "from the partnership you can take tax- free distributions that represent profits"

Not sure what you mean ... there is no way to take tax free distributions from a partnership ... all profits are passed thru to the personal return as SE income.  Now if the partners put money into the business (loan from partner) then repayments can be taken tax free as a repayment of the loan but the books must clearly reflect those transactions. The loan is not considered income and the repayments are not deductions... Basic Bookkeeping 101. 

Critter, I think he was saying the distributions (actually receiving the money) are tax free because the profits are already taxed, whether it is distributed or not.

That makes sense ... the profits are taxed in the year they are earned no matter when they were actually distributed from the partnership bank account. 

You hit the nail on the head. The problem is that I am using TT Home &Business Which does not Include form 1065. Home & Business does not even ask if my business is an LLC. Now it looks like I have to upgrade to TT Business just for one form.

You cannot  upgrade from any personal program ... the BUSINESS version  is a separately purchased  program ...  https://turbotax.intuit.com/personal-taxes/past-years-products/

So I have to purchase two TT programs to cover my LLC and personal finances? I am very disappointed in Turbotax which I have used since their beginning.

Yes ... but let me give you some info ... you ONLY need the Deluxe version for the personal (Basic if you don't need to file a state return) so that will save you some money  AND  you may find a better price thru an authorized reseller ...  

This link Where can I obtain authentic TurboTax software? has a list of authorized TurboTax resellers.

Thanks for the info