My wife and I file jointly. We have a new LLC under both our names. There are 2 DBAs under it. 1 is mine, 1 is hers. Her DBA has a net loss this year. How to report?

Forum|Forum|5 years ago
February 27, 2021
1 reply
5 views

I've already prepared our taxes as Married filing together in TurboTax Premiere, leaving this DBA detail for last. Can I do this in the current online tool somehow? Or do I need to start everything over in the TurboTax business tool?

Structure specifics is:
-Husband and Wife LLC/umbrella
--Wife DBA under the LLC. Has a net loss.
--Husband DBA under the LLC. Has no activity.

TurboTax Premier Online

KrisD15

Level 15

An LLC is a Limited Liability Company.

This is not a tax entity. We would need to know what this is as far as tax reporting is concerned.

Is it a Sole-Proprietor (Or Qualified Joint Venture) reported on Schedule C

Is it a Partnership?

Is it an S-Corp?

Is it a C-Corp?

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BStrangeAuthor

Level 2

Thank you for the reply @KrisD15!

We filed the LLC as a Sole-Proprietor we do meet all the expectations of a "Qualified Joint Venture" and live in a community property state. So it looks like I'll be upgrading my 1040 to "TurboTax Self-Employed" and I won't have to re-enter all the other personal info. My wife found this helpful resource as well: https://www.llcuniversity.com/irs/quali[product key removed]re-husband-wife-llc/

Thanks again!