Investors & landlords

If you live in a community property state, and the only two members of the LLC are spouses, then you have the option of filing two schedule Cs on your personal return, each listing half the income and expenses.  Then you would include the W-2, and a second schedule C for your other self-employment, and everything else that normally goes on your personal tax return.

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

 

If you do not live in a community property state you must file form 1065 for the LLC, and you may choose to file form 1065 even if you live in a community property state.  The partnership return form 1065 requires a different program, Turbotax Business, which is only available as a CD or download for PC, it is not online or for the Mac.  As part of filing the 1065, each partner will be issued a K-1 form.  The K-1s go on your personal tax returns along with your other schedule C small business, any W-2s, and other income, deductions and dependents.

 

Be aware, the deadline for filing form 1065 is March 15, not April 15, and the penalty for late filing is $195 per month per member.  If you needed to file a 1065 for 2019, the deadline was not extended for COVID, although you can apply for an administrative waiver of the penalty if this is your first time owing a penalty.