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kippendleton
Returning Member

Husband/Wife LLC Non Community Property State - Still confused on which TT products I need

My husband and I own an LLC in a non community property state. I know we file as partnership, but need help with what TurboTax product(s) I need. I also have a W2 from previous employment and we have children. I believe I need TT Business for the partnership part, but what do I get for the personal taxes part? There are so many options I just don't know which I need. I am confused by desktop and online versions as well, (there are so many names for similar products). 

2 Replies
ThomasM125
Expert Alumni

Husband/Wife LLC Non Community Property State - Still confused on which TT products I need

You need the TurboTax "Business" software to prepare a partnership return. For your personal tax return, you can start with TurboTax Deluxe, and if you need to upgrade for any reason, you will be asked to do that once in the program.

 

You may want to review the regulations regarding filing a partnership return as a small business on schedule C. It is possible that since you have an LLC owned by a husband and wife, you may be able to file your business return on your personal tax form 1040, and avoid having to file a partnership return:

 

 https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...

 

The desktop TurboTax products have more features that the online version, but you have the disadvantage of having to safeguard your tax file copy, as it will not be held online in our servers.

 

 

 

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tagteam
Level 15

Husband/Wife LLC Non Community Property State - Still confused on which TT products I need

@kippendleton 

 

You have to file a Form 1065 for your LLC. You cannot file as a QJV (qualified joint venture) because your business is considered to be in the name of a state law entity (i.e., an LLC) and you and your spouse do not hold your interests in the LLC in a community property state.

 

It is strictly my opinion, but I believe you would be well-advised to use TurboTax Premier in conjunction with TurboTax Business. The reason being is that you have to install and run TurboTax Business in a Windows environment and also keep track of your tax file so you might as well do the same with respect to your individual income tax return. Moreover, TurboTax Premier provides additional guidance for K-1 entry (and you will be entering K-1s into your personal tax return).

 

As a footnote, since this is your first year filing as a multi-member LLC, you might want to consider professional tax guidance or even preparation for your LLC.

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