Can I file one statement for family and business startup?

[herman_acuna]

I have TurboTax Premiere and was finished with my family taxes. I needed to add a business so I just bought TurboTax business. How do I merge them?  Or do I have to have 2 separate filings?

[WillK · Accepted solution]

If your business is a multi-member LLC (partnership), S-corporation or Corporation then you cannot merge them with your personal taxes and need to be filed separately. Once you file those taxes you then will generate a Schedule K-1 which will need to be reported on your personal return.

If you have a single member LLC, or a sole proprietor then you will need Turbo Tax Self-Employed and your personal tax information will be filed with your business information. Your business income and expenses are reported on Schedule C.