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I have a multi member LLC and am not sure how to add that with my personal tax return or what I need to do?

 
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ThomasM
New Member

I have a multi member LLC and am not sure how to add that with my personal tax return or what I need to do?

For a multi-member LLC (other than husband & wife in a community property state), you'll need to file a partnership return, Form 1065 (unless you elected to be taxed as a corporation).  You'll do that in TurboTax Business software.  See the link here:  https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...  TurboTax Business is available as a CD/Download only, and is Windows based.

Once you've completed the partnership return, you'll need to prepare your personal return using (at least) TurboTax Premier online, since you'll have a Schedule K-1 from the partnership.

So yours is a two-step process:  first the partnership return, then your personal return.

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1 Reply
ThomasM
New Member

I have a multi member LLC and am not sure how to add that with my personal tax return or what I need to do?

For a multi-member LLC (other than husband & wife in a community property state), you'll need to file a partnership return, Form 1065 (unless you elected to be taxed as a corporation).  You'll do that in TurboTax Business software.  See the link here:  https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...  TurboTax Business is available as a CD/Download only, and is Windows based.

Once you've completed the partnership return, you'll need to prepare your personal return using (at least) TurboTax Premier online, since you'll have a Schedule K-1 from the partnership.

So yours is a two-step process:  first the partnership return, then your personal return.

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