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New Member
posted Feb 9, 2020 9:25:22 AM

Version of Turbo Tax

I have a full time job with a W2 my wife doesn't work and we file jointly

I also have LLC that is co-owned with my wife that produces profit with 1099s. We have no employees but do have write offs. 

 

Which version of Turbo Tax do I need to complete these two things.

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1 Best answer
Level 15
Feb 9, 2020 9:44:03 AM

Unless you and your wife hold your interests in the LLC as community property in a community property state (in which case you can opt to treat the LLC as a disregarded entity), you will have to file a Form 1065 for the LLC.

 

TurboTax Business is the only TurboTax product that is capable of preparing a 1065 for an LLC. TurboTax Business is not capable of preparing a personal income tax return (e.g., Form 1040) so you will also need a personal income tax preparation product (such as TurboTax Premier). Further, TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version.

 

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

1 Replies
Level 15
Feb 9, 2020 9:44:03 AM

Unless you and your wife hold your interests in the LLC as community property in a community property state (in which case you can opt to treat the LLC as a disregarded entity), you will have to file a Form 1065 for the LLC.

 

TurboTax Business is the only TurboTax product that is capable of preparing a 1065 for an LLC. TurboTax Business is not capable of preparing a personal income tax return (e.g., Form 1040) so you will also need a personal income tax preparation product (such as TurboTax Premier). Further, TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version.

 

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