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Both my wife and I have jobs, and we own a LLC small business. We would like to file personal and business separately. Which online products should I buy?

 
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Both my wife and I have jobs, and we own a LLC small business. We would like to file personal and business separately. Which online products should I buy?

Do you and your wife both own the LLC in a community property state (Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin)?

 

TurboTax Business (which is not available online nor is there a Mac version) is the Intuit consumer product that is used to prepare an income tax return for a multi-member LLC (Form 1065). The product cannot, however, be used to prepare an individual income tax return. 

 

In sum, if you and your wife both own the LLC in other than a community property state, then you need two TurboTax products, TurboTax Business and a personal income tax return preparation product, such as TurboTax Premier.

 

If you do need to prepare a 1065 for your LLC, you might want to consider professional income tax preparation.

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