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woody2777
New Member

We started a LLC last year. how do we combine both our personal and business taxes using what program(s)?

 
1 Reply
Vanessa
Level 3

We started a LLC last year. how do we combine both our personal and business taxes using what program(s)?

If you have a partnership LLC you will need to use TurboTax Business to file your partnership 1065. This will generate a k-1 for each of you.   The K-1 is entered on your personal return by:

  1. Click on Federal Taxes
  2. Income & Expenses
  3. Scroll down to Business Investment and Estate/Trust Income and click Show More
  4. Click Start next to Schedule K-1

If on the other hand, your business is a sole proprietorship or a Single Member LLC (not required to file 1065) you will then just need to use TurboTax Self-Employed which will take you through the steps to fill out a Schedule C.  If this is the case, you will not have a K-1.  

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