I have an llc with my wife what product should i use to file my taxes

[Phillip1]

It depends on where you life, and how your LLC is treated for tax purposes.

If the LLC has elected to be taxed as a S-Corporation or a corporation, you will need to use TurboTax Business to file a form 1120S or an 1120. If you and your spouse live in a non-community property state and you have not elected that the LLC be taxed as one of the corporation types mentioned above, you will need to file the LLC’s taxes on a Form 1065 using TurboTax Business as well. You will also need one of the TurboTax personal products as well.

However, if you and your spouse live in a community property state, the LLC can elect to be treated as a qualified joint venture. A qualified joint venture is an unincorporated husband and wife owned partnership (or LLC in community property states) that choose to report the income and expenses on a schedule C for each spouse. If this is the case, you can choose TurboTax Home and Business or TurboTax Online Self-Employed to file your personal and business information together.

Here are the requirements to file your business tax information as a qualified joint venture.

Partnerships (or LLCs in community property states) with husband and wife owners can file schedule Cs for each of their portions of the partnership’s income instead of filing a Form 1065 partnership return by electing to be treated as a qualified joint venture. The requirements are as follows:

• The business is unincorporated or not organized as a limited liability company (unless the husband and wife live in a community property state).

• The only owners of the business are the husband and wife.

• Both spouses materially participate in the business operations.

• Both spouses agree and elect not to file their tax return as a partnership.

• Each spouse reports their full share of income and expenses on separate schedule Cs.

[Taxathrone]

@Phillip1 -- I was curious about your source for this information about the option in community property states to treat an unincorporated husband and wife owned LLC as a qualified joint venture and report income and expenses on a Schedule C for each spouse.

TurboTax does indicate that an unincorporated LLC wholly owned by spouses in a community property state is treated like this, but IRS Publication 541, Partnerships says (under "Community Property") that "Spouses who own a qualified entity (defined below) can choose to classify the entity as a partnership for federal tax purposes by filing the appropriate partnership tax returns. They can choose to classify the entity as a sole proprietorship by filing a Schedule C (Form 1040) listing one spouse as the sole proprietor."

...I can't find any clarification by the IRS as to how the Schedule SE (or SEs) would be treated in this case, though, or any mention that this is how the Schedule C should be treated in this case anywhere else on the IRS site, either.

Also, I don't think LLCs can be treated as a Qualified Joint Venture, even in community property states. The qualifications regarding "Joint Ownership of LLC by Spouse in Community Property States" is a completely separate exception, at least as treated by the IRS, it seems.