LLC AND BROKERAGE TAX RETURN

Forum|Forum|4 years ago
July 25, 2021
2 replies
0 views

Hello,

I have brokerage account on llc with husband,wife on ein number..

I noticed that TurboTax does not transfer automatic log in option as we have in personal home and business account

Any other way to transfer or attach pdf file instead of entering every stock or etf transaction on llc return?

THANKS

Mike9241

Level 15

does the LLC have other activities other than investing?

HP14Author

Level 2

AmeliesUncle

Level 15

Just to confirm: This is a multi-member LLC (both the husband and wide are members of the LLC)?

Is this in a Community Property State?

HP14Author

Level 2

Yes correct

I thought to do schedule c as a option but not sure

thanks for time

AmeliesUncle

Level 15

No, it does not go on Schedule C.

If this is a Community Property State and you are choosing to treat this multi-member LLC as "disregarded", the 1099-B should be in YOUR and and Social Security Number, not the name of and EIN of the LLC.

If this is not in a Community Property state or you are not choosing to treat the LLC as "disregarded", it needs to be reported on a separate Partnership return (Form 1065).

At any rate, if the program does not import it, you will need to manually enter things. No, the program does not let you attach a PDF, but in some cases (such as when all of the Basis is reported on the 1099-B and there are no Wash Sales), you don't need to provide all of the transactions. See "exception" in the Instruction to Form 8949.

https://www.irs.gov/pub/irs-pdf/i8949.pdf#page=3