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1tm315
New Member

I am filing for the first time a small business return that has three members. does each member have to file the same return? or can one member file for all?

I have an LLC partnership with 3 members, me, my wife and my adult son. can me and my wife file together with our personal income tax return and my son file his portion of the membership LLC on his personal return?

Also, Do we all have to fill out the same information on our returns and if so, is it based on the percentage each owns? for example, me and my wife own 90%. she is at 80 and I am 10. My adult son owns 10%, do we file the business return separately with the percent we own or do we all enter the same info on our returns or can one member file for all?

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1 Reply
RichardG
New Member

I am filing for the first time a small business return that has three members. does each member have to file the same return? or can one member file for all?

TurboTax Business will prepare a partnership return (Form 1065) for your LLC that reports the partnership's items of income and deductions to the IRS.  The program will also prepare a Form K-1 for each member of the LLC that reports each owner's share of income and deductions.  Each member will use that form to report his/her share of partnership income and deductions on Form 1040.  In your case, you will report two K-1s on the joint return with your spouse.  Your son will report his K-1 information on his tax return.

https://ttlc.intuit.com/replies/3302406

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