☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jun 5, 2024 3:18:21 PM

Form 568 Error

Hello ,

I established my LLC in 01/2023. I generated the form 568 by turbo tax. However For tax years beginning on or after January 1, 2021, and before January 1, 2024, LLCs that organize, register, or file with the Secretary of State to do business in California are not subject to the annual tax of $800 for their first tax year  but still I can see that $800 in the generated 568 form. I just want to make sure the $800 is waived for my SMLLC . Is it correct ?

 

0 1 8155
1 Replies
Employee Tax Expert
Jun 11, 2024 2:01:20 PM

Make sure you select the box on Form 568 under the section titled First-Year Exemption Smart Worksheet to show that you are eligible for the first year exemption of the annual tax. You will find the input in the state interview section of the program when you select edit for the single member LLC input.  Please see the screenshot below.