Solved: My husband and I started an LLC IN 2018. Have i selected the right package to do both personal and business filings?
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My husband and I started an LLC IN 2018. Have i selected the right package to do both personal and business filings?

 
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New Member

My husband and I started an LLC IN 2018. Have i selected the right package to do both personal and business filings?

No. The self-employed version only handles your personal income tax return.

If you and your husband set up the LLC, with the IRS as a partnership (you and he are partners), you need to prepare two Federal income tax returns (and state income tax returns, if your state has an income tax), using two different TurboTax products.

You'll start by preparing Form 1065, U.S. Return of Partnership Income, using TurboTax Business. Generally, a domestic partnership must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended as shown at the top of Form 1065. 

  • TurboTax Business is a Windows-only software program available as a CD or download.
  • When you complete your Form 1065, TurboTax will generate Schedule K-1's. Click How do I issue a K-1? The K-1 information gets entered on your personal income tax return, Form 1040. 

The personal TurboTax products that support K-1's are:

Tip: If you're in business for yourself and haven't incorporated or created an LLC, use TurboTax Self-Employed instead.

Related information:

View solution in original post

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New Member

My husband and I started an LLC IN 2018. Have i selected the right package to do both personal and business filings?

No. The self-employed version only handles your personal income tax return.

If you and your husband set up the LLC, with the IRS as a partnership (you and he are partners), you need to prepare two Federal income tax returns (and state income tax returns, if your state has an income tax), using two different TurboTax products.

You'll start by preparing Form 1065, U.S. Return of Partnership Income, using TurboTax Business. Generally, a domestic partnership must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended as shown at the top of Form 1065. 

  • TurboTax Business is a Windows-only software program available as a CD or download.
  • When you complete your Form 1065, TurboTax will generate Schedule K-1's. Click How do I issue a K-1? The K-1 information gets entered on your personal income tax return, Form 1040. 

The personal TurboTax products that support K-1's are:

Tip: If you're in business for yourself and haven't incorporated or created an LLC, use TurboTax Self-Employed instead.

Related information:

View solution in original post

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