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New Member
posted Jun 6, 2019 6:02:16 AM

Can I file one statement for family and business startup?

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?

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1 Best answer
Intuit Alumni
Jun 6, 2019 6:02:17 AM

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. 

1 Replies
Intuit Alumni
Jun 6, 2019 6:02:17 AM

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.