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dbenevicz
New Member

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

 
5 Replies
Rick19744
Level 12

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

You will need both products; one will prepare the LLC tax return and the other will prepare your personal return.  A single product does not exist that will complete both returns.
*A reminder that posts in a forum such as this do not constitute tax advice.*
Critter
Level 15

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

You will not need the SE version.... if you use the online you will need the Premier version and if you use the download you can use the Basic if you don't need a state return and the Deluxe if you do.
Carl
Level 15

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

You'll use TurboTax Business to complete the 1065 partnership return, which must be completed before you can even start your personal return.
For your personal return, you will need at least the Premier version so you can enter the K-1 information from the K-1 that will be generated by the partnership return, for each partner.
Rick19744
Level 12

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

I believe Carl meant to say you need to prepare form 1065 (his response has been updated) for the LLC partnership tax return.
*A reminder that posts in a forum such as this do not constitute tax advice.*
Opus 17
Level 15

I am half owner of a 2 member LLC, do I need both the business turbo tax download for the LLC and the self employed version for my personal taxes? Or is there 1 product

Only one person needs to buy Turbotax for Business (the person who will prepare the return for the LLC).

As part of the LLC return each owner will get a K-1 form.  You will use the K-1 to prepare your personal tax return.  If you don't have any other schedule C small businesses, you can use Turbotax Premier version for your personal return.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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