- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
An LLC is not a recognized taxable entity by the feds; LLC's are a creature of states. LLC's then can choose to report as an S-Corp, C-Corp, Partnership (if more than 1 member) or Sole Proprietor (1040-Schedule C) (if 1 member). So the answer to your question depends upon which entity the LLC is. The TurboTax Home and Business will work fine (even on a MAC) if the LLC is a Sole Proprietorship. If a different taxable entity is choosen Home in Business will not suffice. TurboTax does offer a comprehensive "Business" software package which completes returns for Estates and Trusts-Form 1041, S-Corps-Form1120-S, C-Corps Form-1120 and Partnerships Form-1065. The Business Software suite does require a Windows platform; it is not compatible with a MAC.