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che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

 
13 Replies
Critter
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Is the LLC incorporated or do you file a partnership return ?   

If not then the LLC is disregarded for tax purposes and you put the rental on a Sch E.  If this is your situation then you can use ANY of the downloaded versions  or  if you use the Online version you will need Premier or better.
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

We selected to bee tax as a multi-member partnership. This is the first year of our LLC, That is why we do not how to input the income and losses. Is my understanding we have to fill.
SweetieJean
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Which state?
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Florida.
Critter
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

If this is your first Partnership return I highly recommend you use a paid preparer to get things set up correctly and get educated. 


To prepare a corporate, trust or partnership return you would need Turbotax Business. This is a separate program from Turbotax Home and Business or the Online Self Employment version. TT Business is a program only available for desktop windows use (there is no on-line or Mac version.)

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

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

https://ttlc.intuit.com/questions/1917225-is-turbotax-business-right-for-me

 

To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc.   If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Home and Business version when using the online program.  

All the 2017 downloaded programs will handle the personal return.

View this product guide chart to see which product is best for you:
https://turbotax.intuit.com/lp/ty14/desktop/lp1.jsp#irs-forms


SweetieJean
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

SweetieJean
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

@Critter#2
"Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2."
Partners are not employees and should not be issued a Form W-2.
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

So, TurboTax Business will fill the 1065 form and generated a separate   K-1 Form for us to add to our personal tax return?


Thanks for the fast responses
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

The Form W-2 I received is from my day job (a separate corporation), not for the LLC.
Thanks
SweetieJean
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Got it. You said "a" corp, not "the" corp.  And, yes, TT Business will do the Form 1065 and generate the K-1 forms..
Critter
Level 15

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Yes ... the K-1 for each of you is populated by completing the form 1065 ... and it must be filed first and by 3/15/18.
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Thanks SweetieJean.
che_peresperes
New Member

My Wife and I have an LLC for a Rental Property, but I am an employee of a corp and therefore received a W-2, she does not. I need to determine which software to use.

Thanks Critter#2.
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