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HP14
Returning Member

LLC AND BROKERAGE TAX RETURN

Hello,

 

I have brokerage account on llc with husband,wife on ein number..

 

I noticed that TurboTax does not transfer automatic log in option as we have in personal home and business account 

 

Any other way to transfer or attach pdf file instead of entering every stock or etf transaction on llc return?

 

THANKS

HP

 

7 Replies
Mike9241
Level 15

LLC AND BROKERAGE TAX RETURN

does the LLC have other activities other than investing?

HP14
Returning Member

LLC AND BROKERAGE TAX RETURN

no

AmeliesUncle
Level 13

LLC AND BROKERAGE TAX RETURN

Just to confirm: This is a multi-member LLC (both the husband and wide are members of the LLC)?

 

Is this in a Community Property State?

HP14
Returning Member

LLC AND BROKERAGE TAX RETURN

Yes correct 

 

I thought to do schedule c as a option but not sure 

 

thanks for time 

AmeliesUncle
Level 13

LLC AND BROKERAGE TAX RETURN

No, it does not go on Schedule C.

 

If this is a Community Property State and you are choosing to treat this multi-member LLC as "disregarded", the 1099-B should be in YOUR and and Social Security Number, not the name of and EIN of the LLC.

 

If this is not in a Community Property state or you are not choosing to treat the LLC as "disregarded", it needs to be reported on a separate Partnership return (Form 1065).

 

At any rate, if the program does not import it, you will need to manually enter things.   No, the program does not let you attach a PDF, but in some cases (such as when all of the Basis is reported on the 1099-B and there are no Wash Sales), you don't need to provide all of the transactions.  See "exception" in the Instruction to Form 8949.

https://www.irs.gov/pub/irs-pdf/i8949.pdf#page=3

HP14
Returning Member

LLC AND BROKERAGE TAX RETURN

Thanks for quick reply 

 

i am in Arizona which is community state 

 

I have EIN number so if I want to enter via 1099-b just ignore ein inform and work on 1099-b ?

 

 

Mike9241
Level 15

LLC AND BROKERAGE TAX RETURN

I'm not so sure about the need for a partnership return even in a non-community property state. They are not engaged in a trade or business which is the general requirement for needing to file a partnership return when no other exception applies.  they may still have a state requirement to file.   for federal; I would report the investment activity directly on the appropriate 1040 schedules and forms.  

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