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If I have a L.L.C for my construction business do you guys offer turbo tax for it ? If so how do I go about doing it ?

50/50 partners with the L.L.C
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4 Replies

If I have a L.L.C for my construction business do you guys offer turbo tax for it ? If so how do I go about doing it ?

For a Partnership tax return, Form 1065, you would need to purchase and download the TurboTax Business Edition from this website - https://turbotax.intuit.com/small-business-taxes/

 

The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.  Then Business Edition cannot complete a personal tax return, Form 1040.

If I have a L.L.C for my construction business do you guys offer turbo tax for it ? If so how do I go about doing it ?

Yes, You need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

Carl
Level 15

If I have a L.L.C for my construction business do you guys offer turbo tax for it ? If so how do I go about doing it ?

If your business is a single member LLC where you are the one and only owner of the business, you can use the CD version of TurboTax Home & Business or the online version of TurboTax Self-employed.

If your business is a multi-member LLC then you *MUST* use the CD version of TurboTax Business.

rjs
Level 15
Level 15

If I have a L.L.C for my construction business do you guys offer turbo tax for it ? If so how do I go about doing it ?

Who are the partners? If you and your spouse are the only partners, and you live in a community property state, you have the option to treat the LLC as a disregarded entity instead of as a partnership. If you choose to do that, you would not file a Form 1065 partnership return, so would not need TurboTax Business. Instead, you and your spouse would each include a Schedule C in your personal Form 1040 tax return for your respective shares of the business. But that's only if you and your spouse are the only owners of the LLC, and you live in a community property state. The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

 

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