Started an LLC, which turbotax is for me?

[Fern · Accepted solution]

The Turbo Tax program that you should use depends on if you have a single member LLC or a multi-member LLC.

A single member LLC is a disregarded organization by the IRS.  This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).  

You will enter your business information under the Business tab of the program.  There is a section to enter the general information about the business and then there sections for both income and expense.  The program will generate a Schedule C which is included in your individual tax return.

A multi-member LLC must file it’s own tax return. The IRS treats an LLC as a partnership.  This means that the LLC’s income and expenses are distributed to the members using a Form K-1.

[kashihousing]

Can I use TurboTax ONLINE for a multi-member LLC tax filing?

[OhBradford]

Did you ever find the answer to this question?

[DoninGA]

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@OhBradford wrote:

Did you ever find the answer to this question?

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A multi-member LLC files a Partnership tax return, Form 1065.

A Form 1065 can only be completed and filed using the TurboTax Business Edition.

The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

[OhBradford]

THANK YOU!  I appreciate your assistance.

[VolvoGirl]

To prepare a multi member LLC business return you need to use the Desktop CD/Download program for Windows.

Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.

You can buy the Window's version here…..

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

Or do you just need to enter a Schedule K-1 you received from the LLC into your personal return?  You can do that in the online Premier version or any Desktop programs.