- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
"your husband-wife LLC is a disregarded entity for tax purposes and you can file a Schedule C for your LLC on your personal joint tax return using the Home & Business TurboTax Download/CD."
Note that if you are in a community property state, you would file two schedule Cs, one in the name of each spouse, each listing half the income and expenses.
If you are not in a community property state, you file a partnership return 1065 using Turbotax Business as indicated. As part of the partnership return, each partner is issued a K-1, that you will each enter on your personal tax return.
Lastly, note that the due date for partnership returns is March 17, not April 17, unless you get an extension, and the late fees are high.
‎February 6, 2023
5:26 PM