Hello,
My daughter has a small LLC that I had to be named part owner of in the state of Washington, as she is under 18.
She did all of the work - creation, marketing, sales, accounting, etc. I did nothing but get her the business license, and our agreement is that I am a 5% owner of the business (which will change to 0% mid-year when she turns 18) solely because of her age.
My wife and I are filing married jointly. We are both employed. I also did some consulting work as an independent contractor. I bought the TurboTax Home and Business software.
Questions:
1. Did I buy the right software? If not, what else do I need?
2. What else do I need to know about filing? (Does one need to be done before the other or at the same time? Are they separate returns, etc.?)
3. If my daughter also worked for someone else last year, how does having the LLC affect her personal return?
Thanks,
