I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

misaacs20 — Thu, 06 Jun 2019 15:01:11 GMT

Is the other owner your spouse? If so, which state?

SweetieJean — Thu, 06 Jun 2019 15:01:12 GMT

Is the other owner your spouse? If so, which state?

No, it's in GA

misaacs20 — Thu, 06 Jun 2019 15:01:13 GMT

No, it's in GA

No, unfortunately not, since it is a multi-member LLC, yo...

LeeM — Thu, 06 Jun 2019 15:01:15 GMT

No, unfortunately not, since it is a multi-member LLC, you will need to use TurboTax Business (unless you live in a community property state and the only other member is your spouse).

Since the LLC is a partnership, normal partnership tax rules apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income (PDF). Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partner’s Share of Income, Deductions, Credits, etc. Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.

You would then use those K-1s and your other personal income date to prepare your personal taxes using TurboTax Home and Business.

Special Community Property Rules

You might not need to use the TurboTax Business product if you happen to live in a community property state and the other member is your spouse (if there are only 2 members):

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"Community Property

A married couple may choose to treat a business entity as a partnership or as a disregarded entity if:

The business entity is wholly owned by the couple as a community property under the laws of a state, a foreign country, or possession of the United States;
No person other than one or both spouses would be considered an owner for federal tax purposes; and
The business entity is not treated as a corporation under Regulations section 301.7701–2."

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OK that's what I thought, thank you.

misaacs20 — Thu, 06 Jun 2019 15:01:17 GMT

OK that's what I thought, thank you.

topic I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it? in Business & farm

I'm using self-employed to do personal taxes including a single owner LLC, can I also use it for a separate 2 owner LLC that I need to file for before I can dissolve it?

Is the other owner your spouse? If so, which state?

No, it's in GA

No, unfortunately not, since it is a multi-member LLC, yo...

OK that's what I thought, thank you.