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christianalbanes
New Member

My LLC Partner paid our quarterly estimated tax with our bank account. Where do I file the amount paid. The 1065 or divide it up on our own personal income taxes?

I'm using turbo tax business. Where do i deduct the amount we already paid? Do I file it on our 1065 or do we divide the amount paid and each claim half on our personal Income tax return. I can't seem to find the answer anywhere. 

3 Replies
ChristinaS
New Member

My LLC Partner paid our quarterly estimated tax with our bank account. Where do I file the amount paid. The 1065 or divide it up on our own personal income taxes?

LLCs don't pay taxes, so who did he make quarterly payments for? You or him?

The payments definitely cannot go on a 1065, but you'll need to see how he paid the IRS. Estimated tax payments can only be made for individuals or for corporations. He couldn't have made it for an LLC/ partnership.

It would have to have been made under an SSN, unless the LLC was mistakenly treated as a corporation?

christianalbanes
New Member

My LLC Partner paid our quarterly estimated tax with our bank account. Where do I file the amount paid. The 1065 or divide it up on our own personal income taxes?

Well I think I'm beginning to see the issue then. This was our first year as a business. Our accountant told us to pay quarterly taxes. He never specified that each would have to file under our own SSN. My partner was under the impression that a payment represented both of us. Now I'm not sure what to do. He payed under his SSN
ChristinaS
New Member

My LLC Partner paid our quarterly estimated tax with our bank account. Where do I file the amount paid. The 1065 or divide it up on our own personal income taxes?

Ok, well he enters the estimated tax payments on his personal tax return. You simply don't. That means you may owe money. Did you make money with the business? Did you have a W2 job or other withholding of taxes? There's nothing you can do about it now other than be more aware going forward. If you don't owe on your return even after adding the 1065(K1), then you are no worse for the wear.
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