The LLC with more than one owner is treated as a partnership for income tax purposes. (See below for a possible exception.) That means that the LLC has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 joint tax return. The partnership return will include a Schedule K-1 for each partner. You have to enter the information from your Schedule K-1 in your personal tax return.
To prepare the Form 1065 partnership return for the LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.
TurboTax Business
To prepare your personal Form 1040 tax return you need one of the personal TurboTax editions. You can use TurboTax Online Premier or higher, or any edition of the CD/Download TurboTax software. TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return, so you will need two separate TurboTax products.
If the only members of the LLC are you and your spouse, and you live in a community property state, you have the option to either treat the LLC as a partnership, as described above, or treat it as a "disregarded entity." The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
