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LLC Partnership taxes - form 1065

I have used Turbo Tax for over 20 years, but I've never done taxes for an LLC. I had an accountant do the LLC taxes for 2023 but would like to try them myself for 2024. Would the Business version be appropriate for someone like me? I don't know much about doing taxes for an LLC, but I do have what the accountant prepared last year to help me. 

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Vanessa A
Employee Tax Expert

LLC Partnership taxes - form 1065

Are you a partnership LLC?  If so, then yes, you would use TurboTax Business to file your 1065.  This will also generate your K-1's for each partner that will then be reported on your personal returns. 

 

If you look at your tax return from last year, you will be able to see how your accountant filed.  Keep this in hand when filing that way you will have information you need such as any depreciation you have taken or how you split the profit and losses. Most information, that is not in your books for 2024 will be found on your 1065 from last year.  You can also use TurboTax Business online, which allows you to ask for live help when you need it.  The biggest different between online and desktop (other than the live help) is that you can see and edit the forms in the desktop version but you cannot see all of  them online until you pay and you cannot make edits on the online version.  

 

You are always still able to ask questions here in the community regardless of the version you are using. 

 

If you are a single member LLC, then you would be treated as a disregarded entity and all of your income would be reported on Schedule C.  This would be done using TurboTax Home and Business (this is different than TurboTax Business) or TurboTax Premium.  The income from the schedule C flows to your 1040 automatically when you enter your business income and expenses. 

 

 

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