topic I started a LLC in Get your taxes done using TurboTax

Which Turbo Tax program should I use to fulfill my needs?

monteprieto — Sat, 01 Jun 2019 04:18:11 GMT

I have W-2's from my regular Job, I have a 1099 from being an independent contractor (over $15,000 income), and I started a small business that lost money this year. I would love to stick with Turbo Tax, but which program will be my best bet to utilize all 3 of these, and utilize the most write-offs that I have?

What form of organization does you new small business ope...

Howard1948 — Sat, 01 Jun 2019 04:18:13 GMT

What form of organization does you new small business operate as?

I started a LLC

monteprieto — Sat, 01 Jun 2019 04:18:15 GMT

I started a LLC

Single-member LLC or multi-member LLC? Did you elect for...

Howard1948 — Sat, 01 Jun 2019 04:18:18 GMT

Single-member LLC or multi-member LLC? Did you elect for this LLC to be treated as a C or S corporation?

LLC multi-member. I believe no on the C or S corporation...

monteprieto — Sat, 01 Jun 2019 04:18:20 GMT

LLC multi-member. I believe no on the C or S corporation, were just selling our brand apparel on an online store.

Thank you for your updated information. Here's your situ...

Howard1948 — Sat, 01 Jun 2019 04:18:20 GMT

Thank you for your updated information. Here's your situation:

The new multi-member LLC must file a tax return using Form 1065 just as a partnership would. Form 1065 is included in TurboTax Business (not Home & Business) and is available on in the CD/Download version for Windows. You can purchase and download it from here: https://turbotax.intuit.com/small-business-taxes/ You will use the Schedule K-1 information included in that 1065 to prepare your personal income tax returns.

Since you also have a sole proprietorship, you will need either the TT online version called Self-Employed or any of the personal versions Deluxe or higher. The sole proprietorship income and expenses are included on Schedule C of the Form 1040 that is included in those programs. The K-1 from the 1065 discussed above will be used in connection with preparing your full tax return with the information entered from it beginning on Schedule E of Form 1040. You cannot transfer data between TT Business and any of the personal tax programs. That information will have to be entered manually from the K-1.