1065 Ammendment

Forum|Forum|1 year ago
September 12, 2024
2 replies
3 views

This is my first year with my LLC. I filed my personal taxes in April, and now (in September) I filed for my LLC. I have my Form 1065, but my accountant, who handled my taxes, is closed indefinitely. Can I use TurboTax to file the 1065 now? Is it an easy process?

Not A Product Question

Anonymous_

Level 15

No text available

Anonymous_

Level 15

No text available

Opus 17

Level 15

Your situation is really unclear.

To prepare a 1065, you need Turbotax Business. This is a different program from any of the personal versions of Turbotax, and is only available as a download to install on a PC, or is now available online. There is no Mac version. https://turbotax.intuit.com/small-business-taxes/

If you have a multi-member LLC that files a 1065, that is due March 15 unless you have an extension (not April 15) and the late penalty is $195 per month per member. You must prepare the 1065 first, this results in a K-1 statement being issued to each partner that they must include on their personal tax return with their other income and deductions.

If this is a single member LLC, you don't file a 1065, as mentioned above.

If this is all for 2023, and no one filed a 1065 for the LLC, then your worst-case scenario is that you owe at least $2000 in penalties, and after you prepare the 1065, all the members will have to file amended tax returns with their K-1s (unless they have extensions and did not file yet). Or maybe the LLC has an extension (to September 15, 3 days from now?)

Can you clarify what you filed, and when?

DreaSanAuthor

Level 2

I apologize for the confusion, as I'm trying to make sense of the situation myself. My accountant filed my personal taxes in March, but for some reason, they didn’t guide me properly regarding our multi-member LLC (with two members). It's a very small business with practically no profit. I didn’t request an extension, and I was waiting for my partner to file the LLC taxes. Unfortunately, we ended up missing the deadline.

To make matters worse, my original accountant disappeared (their business was closed by the IRS), so we hired a new accountant for the LLC. That’s when we discovered we should have filed the LLC taxes along with our personal returns. Now, I’m trying to figure out the best and least expensive way to handle this situation, especially with the potential $2,000 penalty being mentioned. I'm shocked and unsure of what to do.