LLC form changed from sole to partnership

Forum|Forum|4 years ago
March 31, 2022
1 reply
29 views

Hello. I changed my LLC form from single member to partnership (husband-wife actually) LLC last year.

My questions are:

1. Should I file 1065 for the period in new formation?

2. In New York, what's the annual tax return form and can I use Turbotax and which version if so?

3. In individual filing, is it correct to use Sched. C for the period of old form and Sched. K-1 for new form?
Can I still file jointly as a married couple?

Thank you in advance.

TurboTax Business Windows

Best answer by Vanessa A

1. Should I file 1065 for the period in new formation?

Yes, if you are a partnership, you will need to use TurboTax Business to file the 1065. It was due on March 15th, so you should either file right away or file an extension for the 1065.

2. In New York, what's the annual tax return form and can I use Turbotax and which version if so? The New York form you will need to file is the IT-204-LL and yes, you can use TurboTax Business to file.

3. In individual filing, is it correct to use Sched. C for the period of old form and Sched. K-1 for new form? Yes, if you became a partnership mid year, for the time that it was a sole proprietorship, you would report that income on the schedule C and then the K-1's will flow to your personal return for the rest of the year.

Can I still file jointly as a married couple? Yes, the LLC does not change your ability to file a joint return. You will both enter your K-1's on the return separately.

Vanessa AAnswer

Alumni - Intuit

1. Should I file 1065 for the period in new formation?

Yes, if you are a partnership, you will need to use TurboTax Business to file the 1065. It was due on March 15th, so you should either file right away or file an extension for the 1065.

Can I still file jointly as a married couple? Yes, the LLC does not change your ability to file a joint return. You will both enter your K-1's on the return separately.

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