Wondering if someone can help me RE: my LLC and filing form 8832 entity classification. I have filed and received IRS approved for my LLC to be taxed as a corporation, but I am unable to get the turbotax software to change from a form 1065 with K1's to a form 1120 which I beleive I need to file now that my LLC has been classified as a corporation for tax purposes. If there any way to have the turbo tax software handle this?
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A LLC and a C-corporation are two different forms of tax entities. The tax forms are different.
TurboTax Business cannot transfer the information from form 1065 for the LLC to form 1120 for the corporation.
You will have to start in TurboTax Business a new tax return for the C-corporation and reenter the company information.
@MinhT1 thank you for your quick answer. That was my fear, but I appreciate you confirming.
I will start over ;-(
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