Yes, TurboTax will complete Form 568 under the California State section if you have already entered business income for your SMLLC under Federal Taxes.
Follow these steps:
- Open your return and click on State Taxes.
- On the California Taxes page, click Edit beside Income and adjustments.
- Under Business, click Start/Revisit beside Business Profit or Loss Adjustment.
- Click Edit beside the business you need to report on Form 568.
- Click "yes" that this business is owned by a Single Member LLC.
- Continue after reading the Form 568 information.
- A sub-form will appear. You need to complete any boxes highlighted in red.
- If this is the first year to file Form 568 for your SMLLC, be sure to check the box on Line H for "Initial Return" and the box under Line 2 for "First Year Exemption Smart Worksheet." These answers will exempt you from the franchise tax this year.
- Note the checkbox at the bottom of the form if you are not eligible to e-file Form 568.
- In most cases, you will not need to complete sides 4-5 or 7.
- When you reach Side 7, you can print Form 568 if you need to mail it.
- Follow the instructions for the Payment Voucher.
- Continue on to the Business Summary page.
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