3 multimember LLC, one S Corp and Personal Taxes with Fed and State.

[nandaR]

I have 3 different multimember LLC [with me and my husband]. One of them with 3 residential rental properties. I have always used a CPA to file my taxes but the service has become very expensive lately. What kind of Turbotax product best suits my need. I would ideally like some expert to ask questions off of, as this is my first time filing myself. 

[AliciaP1]

You need TurboTax Business software to complete your multi-member LLC returns.  If you live in CA, TX, FL, WA, NV, WY, SD, or AK, you can use TurboTax Live Assisted Business or TurboTax Live Full-Service Business if you do not want to complete your returns yourself.  See TurboTax Business for more details.

You will enter your Schedule K-1s from the businesses into your personal tax returns and TurboTax Home & Business will work for that.

[nandaR]

Thank you Alicia. I have the software purchased from Amazon and installed on my Windows machine. Will it walk me through sufficient options to account for one of my LLCs that has three rental properties, or should I do this online on turbotax.com? Thank you!

[AliciaP1]

TurboTax Business is pretty intuitive and can handle entering your rental properties into your partnership return.  See How to Enter Rental Property in a Partnership for more helpful tips.

@nandaR 

[nandaR]

Thank you, that was very helpful. When I am entering the Individual properties It is only asking if it is Owned by myself or my Husband or Both, but not if this is owned by the LLC. 

Which Option should I be choosing - THis is a multimember Partnership LLC with myself and my husband as the only two members. Please advise. 

If I select both as Owners, will this trickle down into appropriate forms during our personal filing. Please advise. 

[AliciaP1 · Accepted solution]

You cannot enter a Partnership LLC in TurboTax Home & Business.  You must use TurboTax Business software for partnerships, S-Corps, and fiduciary returns.

@nandaR 

[nandaR]

Thank you, I have returned Turbotax Home and Business and now purchased Turbotax Business and starting to enter my multi-partner LLCs there. 

You suggested "You will enter your Schedule K-1s from the businesses into your personal tax returns" - What product should I purchase for this? I will need to file Personal Federal and UT State taxes. 

Thank you!

[AliciaP1]

You can use TurboTax Deluxe or Premium to enter your K-1 information on either the CD/Download program or the Online version.

@nandaR 

[nandaR]

I have now completed my LLCs and generated K 1s. Thank you soooo much!!!

I have a couple of 1099s from brokerages that we use to trade short term. I should probbaly get the Premium version for that as Deluxe does not look like has support for selling 'stock'? Thank you!!