For personal, c corporation and llc which turbotax product I should use?

[Anonymous_ · Accepted solution]

You would need TurboTax Business to prepare an 1120 for the C corporation and a 1065 for the LLC (assuming it is a multi-member LLC). TurboTax Business must be installed in a Windows environment; it is not available online nor will it run natively on a Mac. See https://turbotax.intuit.com/small-business-taxes/

You will also need a TurboTax personal tax preparation product. In order to enter information from a K-1 generated by a 1065, you would need to use TurboTax Premier or Self-Employed if using an online version or any desktop (CD/Download) version.

[dev1]

Thanks @tagteam. How do report profit/loss from C corporation on personal tax?

[Anonymous_]

You don't. C corporation profits/losses remain within the corporation; they are not "passed through" to the shareholders as with, for example, an S corporation. Thus, C corp losses provide no immediate tax benefit to shareholders.

[dev1]

thanks again, is it true for LLC as well?

[dev1]

@tagteam

[Anonymous_]

No. LLCs can be taxed as partnerships, S corporations, or they can be disregarded entities. In any case, profits/losses are passed through (or belong) to the member(s).