turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Me&wife both are employees who get W2 from employers and file jointly. Started a LLC where both r members. Which TrboTax 2 use 2 report both w2 and biz income/expenses.

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

Me&wife both are employees who get W2 from employers and file jointly. Started a LLC where both r members. Which TrboTax 2 use 2 report both w2 and biz income/expenses.

In New Jersey (and most other states), an LLC with spouses as members has to be treated as a partnership for tax purposes (unless the LLC files a form with the IRS to elect to be treated as an S corporation or C corporation). That means that the LLC has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 joint tax return. The partnership return will include a Schedule K-1 for each partner. You have to enter the information from each Schedule K-1 in your personal tax return.

To prepare the Form 1065 partnership return for the LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.

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

To prepare your personal Form 1040 joint return you need one of the personal TurboTax editions. You can use TurboTax Online Premier or higher, or any edition of the CD/Download TurboTax software. Here are links to learn about and purchase the CD/Download TurboTax software or TurboTax Online.

https://turbotax.intuit.com/personal-taxes/cd-download/

https://turbotax.intuit.com/personal-taxes/online/

TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return, so you need two separate TurboTax products for your situation.

For the benefit of anyone else reading this answer, the preceding information applies in all states that are not community property states. In a community property state an LLC with two spouses as the only owners has the option to be treated either as a partnership, as described above, or as a "disregarded entity." The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

View solution in original post

3 Replies

Me&wife both are employees who get W2 from employers and file jointly. Started a LLC where both r members. Which TrboTax 2 use 2 report both w2 and biz income/expenses.

Which state are you in?

Me&wife both are employees who get W2 from employers and file jointly. Started a LLC where both r members. Which TrboTax 2 use 2 report both w2 and biz income/expenses.

Resident in New Jersey. Employed in New York.
rjs
Level 15
Level 15

Me&wife both are employees who get W2 from employers and file jointly. Started a LLC where both r members. Which TrboTax 2 use 2 report both w2 and biz income/expenses.

In New Jersey (and most other states), an LLC with spouses as members has to be treated as a partnership for tax purposes (unless the LLC files a form with the IRS to elect to be treated as an S corporation or C corporation). That means that the LLC has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 joint tax return. The partnership return will include a Schedule K-1 for each partner. You have to enter the information from each Schedule K-1 in your personal tax return.

To prepare the Form 1065 partnership return for the LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.

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

To prepare your personal Form 1040 joint return you need one of the personal TurboTax editions. You can use TurboTax Online Premier or higher, or any edition of the CD/Download TurboTax software. Here are links to learn about and purchase the CD/Download TurboTax software or TurboTax Online.

https://turbotax.intuit.com/personal-taxes/cd-download/

https://turbotax.intuit.com/personal-taxes/online/

TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return, so you need two separate TurboTax products for your situation.

For the benefit of anyone else reading this answer, the preceding information applies in all states that are not community property states. In a community property state an LLC with two spouses as the only owners has the option to be treated either as a partnership, as described above, or as a "disregarded entity." The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies