topic how do i file tax if i have a day job and llc member in Business & farm

how do i file tax if i have a day job and llc member

trin785 — Fri, 12 Jul 2019 16:26:53 GMT

do i file both my dayjob and llc membership tax seperately or together. thanks

Re: how do i file tax if i have a day job and llc member

Anonymous_ — Fri, 12 Jul 2019 17:34:18 GMT

@trin785 wrote:
do i file both my dayjob and llc membership tax seperately or together. thanks

If the LLC is a single-member LLC (and you did not make an election to be taxed as a corporation), then the LLC is treated as a disregarded entity for federal income tax purposes and you can file your taxes together.

See https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies

Re: how do i file tax if i have a day job and llc member

Lisa995 — Fri, 12 Jul 2019 18:18:47 GMT

If you are part of a multimember partnership and received a K-1 for your share of the LLC, you would enter the K-1 as well as the W2 (assuming W2) from your day job.

I believe you would need have at least Premier (if using the Online version of TurboTax) to enter a K-1.

Re: how do i file tax if i have a day job and llc member

trin785 — Fri, 12 Jul 2019 19:52:34 GMT

its multimember llc, so from what your saying, i would need to file two seperate form right, 1040 for my dayjob and 1065 for the llc

Re: how do i file tax if i have a day job and llc member

VolvoGirl — Fri, 12 Jul 2019 19:58:23 GMT

Depends. Are you going to do the Business tax return for the LLC? Or do you have an Accountant? Whoever prepares the 1065 LLC return will give all the members a schedule K-1 to enter into their own personal returns.

if you are the one who is going to file the 1065 return,

You need Turbo Tax Business. It is a separate program from Home & Business. It is not available to do online or on a Mac.

You can buy the Window's version here…..

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