topic Why is chat not available ? in Get your taxes done using TurboTax

Why is chat not available ?

higgins94941 — Wed, 18 Dec 2019 17:42:37 GMT

Re: Why is chat not available ?

Vanessa A — Wed, 18 Dec 2019 17:57:23 GMT

What is your question?

Re: Why is chat not available ?

Critter — Wed, 18 Dec 2019 18:04:09 GMT

Chat was discontinued a couple of years ago ... you can post in this public internet forum where you can get an answer from knowledgeable posters.

Which Turbo Tax do I buy?

waterdog12az — Thu, 02 Apr 2020 21:45:17 GMT

I my wife and I have a LLC together and also need to do our personal taxes. From what I understand we can link our personal taxes to our LLC with a schedule C. I think I need the Business version, but don't know if it also has ALL the other lower products so I can only by one version to do ALL our taxes. Thanks in advance.

Re: Which Turbo Tax do I buy?

DavidD66 — Thu, 02 Apr 2020 21:48:34 GMT

Is your LLC a single member LLC, or are both you and your wife members of the LLC? What state are you in?

Re: Which Turbo Tax do I buy?

waterdog12az — Thu, 02 Apr 2020 22:17:15 GMT

Yes both my wife and I are in the LLC and we are in Arizona.

Re: Which Turbo Tax do I buy?

DavidD66 — Thu, 02 Apr 2020 22:30:43 GMT

Since you live in Arizona, your multi-member LLC can be treated like a single member LLC, and you can can report your business income and expenses on Schedule C, as a part of your personal tax return. In this case, you would want to use either TurboTax Self-Employed if you use the Online version,or TurboTax Home & Business if you use the desktop software version. If you qualify to treat you LLC as Single Member LLC, this is only product you will need to buy to prepare your tax returns. If you don't qualify, you would have to use TurboTax Business to prepare a Form 1065 for you mulit-member LLC.

The IRS has issued a special rule applicable to LLCs owned by married couples who live in community property states. Under this rule, a married couple can treat their jointly owned business as a disregarded entity for federal tax purposes if:

the LLC is wholly owned by the husband and wife as community property under state law
no one else would be considered an owner for federal tax purposes, and
the business is not otherwise treated as a corporation under federal law.