topic Individual Tax Return for Owner of Multiple LLC's in Get your taxes done using TurboTax

Individual Tax Return for Owner of Multiple LLC's

Danielschwartz7 — Sun, 29 Mar 2020 02:59:35 GMT

Good evening! I am working on a tax return for a business owner of 3 different LLC's. One he has 100% ownership of a single member LLC, one he has 33.33% ownership of an LLC with three members that all have equal ownership, and another he has a 15% ownership stake in the company.

I am using Turbotax Home & Business for the return. I can see how to enter the information for one business, but not how to do all 3. I am also a little confused where I should pull the income/expense information from. Should it come from his K-1? Or should I take the overall business income/expenses and just divide them by the appropriate business ownership percentage?

Please advise and thank you so much for your help!

Re: Individual Tax Return for Owner of Multiple LLC's

Anonymous — Sun, 29 Mar 2020 06:24:58 GMT

are you being compensated for preparing the return. if so you are probably violating TT license agreement. anyway

your lack of knowledge is going to create a mess for the taxpayer. multiple owner LLC's require that a partnership return be filed unless an S-Corp election has been made. you can't use the software you have to prepare these returns. and they are already late - due 3/15/2020 the fime for late filing is about 200/momth per shareholder or partner.

Re: Individual Tax Return for Owner of Multiple LLC's

Danielschwartz7 — Sun, 29 Mar 2020 16:07:11 GMT

Hello; no I am not being paid to prepare these returns. Partnership returns have already been submitted, but I do appreciate your concern.

Re: Individual Tax Return for Owner of Multiple LLC's

TomJ2 — Sun, 29 Mar 2020 16:15:46 GMT

You should only use the K-1 for each business an enter each separately. The K-1 would reflect the correct ownership percentages of each business. You can find the K-1 forms under Income Summary - Business Income -K-1.