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DMLLC
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Will the Turbo Tax Business be suitable for a multi-member LLC that has members in different states & international members?

 
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DDollar
New Member

Will the Turbo Tax Business be suitable for a multi-member LLC that has members in different states & international members?

Yes, in fact there is a check box in the "Enter Member Information Center" for a foreign address.  You might find the following information helpful regarding foreign members of an LLC.

When there is a foreign partner in an LLC, that partner must have a US Taxpayer Identification Number (“ITIN”). This must be obtained if the LLC is engaged in a US trade or business (i.e., if it will make money). The foreign partner of the LLC will be deemed to be engaged in a US trade or business and the LLC must withhold 35% of its profits for taxes, paid and filed on a quarterly basis to the IRS. United States Tax laws require that foreigners pay taxes on any earnings made in the United States. Regardless of immigration status, the United States will allow foreigners to form a company as long as they have registered for a Taxpayer Identification Number.


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DDollar
New Member

Will the Turbo Tax Business be suitable for a multi-member LLC that has members in different states & international members?

Yes, in fact there is a check box in the "Enter Member Information Center" for a foreign address.  You might find the following information helpful regarding foreign members of an LLC.

When there is a foreign partner in an LLC, that partner must have a US Taxpayer Identification Number (“ITIN”). This must be obtained if the LLC is engaged in a US trade or business (i.e., if it will make money). The foreign partner of the LLC will be deemed to be engaged in a US trade or business and the LLC must withhold 35% of its profits for taxes, paid and filed on a quarterly basis to the IRS. United States Tax laws require that foreigners pay taxes on any earnings made in the United States. Regardless of immigration status, the United States will allow foreigners to form a company as long as they have registered for a Taxpayer Identification Number.


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