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New Member
posted Jun 3, 2019 12:24:20 PM

Own a multi member llc with wife.do i buy regular tt for personal taxes and then also buy tt business 2016 for llc?Do I need to buy 2 different softwares?

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1 Best answer
Intuit Alumni
Jun 3, 2019 12:24:22 PM

You will need to get two different Turbo Tax products, one for the business and one for your personal return.

For the business return: https://turbotax.intuit.com/small-business-taxes/. Once you file the 1065 (multimember LLC) return a Schedule K-1 will be generate for each member, which will need to be reported on their personal return. 

For your personal return: https://turbotax.intuit.com/personal-taxes/online/. You will need Turbo Tax Premier to report the K-1 from the business on your personal return. 

1 Replies
Intuit Alumni
Jun 3, 2019 12:24:22 PM

You will need to get two different Turbo Tax products, one for the business and one for your personal return.

For the business return: https://turbotax.intuit.com/small-business-taxes/. Once you file the 1065 (multimember LLC) return a Schedule K-1 will be generate for each member, which will need to be reported on their personal return. 

For your personal return: https://turbotax.intuit.com/personal-taxes/online/. You will need Turbo Tax Premier to report the K-1 from the business on your personal return.