K-1 preparation for 100% owned LLCs

[calyondano111]

How do I prepare a K-1 for a 100% owned LLC that owns 30% of an LLC that owns a rental property and 50% of an LLC that owns a different rental property? No other significant assets in the LLC.

[M-MTax]

A "100% owned LLC"? Who owns the LLC? If it's 100% owned by one owner, it's a single-member LLC and is disregarded......no K-1.

[calyondano111]

So if I own the LLC, no need to prepare a K-1 for the LLC, but instead pass through the entries for the K-1s on the owned property of the LLC to my individual return?

[JeffreyR77]

If the LLC is a single member LLC, the income and expenses are reported on Schedule C on your individual income tax return. 

There are no K1s associated with a Schedule C.   

If your LLC is electing to be taxed as an S-Corporation, you do need to prepare a K1 to report your share of the S-Corporation's income and expense items that will pass through to your individual tax return to be reported and taxed there.

[mm_3298]

I am a 50/50 owner of a LLC - we need to file a K-1 - the only activity in 2020 was one investment we funded and the fee for our annual report.  does Turbotax have a program for this? I really don't want to spend a bunch of $$ with my CPA who charges $1,500 per entity to prepare the K-1.  

[Critter-3]

https://turbotax.intuit.com/small-business-taxes/

[Anonymous_]

@mm_3298 

You can use the link posted by @Critter-3 to purchase TurboTax Business, but your return (Form 1065) is late; it was due March 15th for the 2020 tax year. 

As a result, you may owe a late filing penalty unless your LLC had neither income nor expenses (in which case you would not need to file a return for the LLC).