As a multi-member LLC (including two-member LLCs run by spouses) will need to use TurboTax Business to prepare and file Form 1065 (U.S. Return of Partnership Income).
Only one return for the partnership is necessary. The partnership
through the return will issue reporting statements (K1) to each of the
partners. You will use those K1s when you each file your individual 1040
returns.
TurboTax Business (Windows only) contains everything you'll need to prepare Form 1065 and the associated Schedule K-1 forms.
It also lets you prepare W-2 and 1099 forms for employees and contractors that work for your LLC.
As a multi-member LLC (including two-member LLCs run by spouses) will need to use TurboTax Business to prepare and file Form 1065 (U.S. Return of Partnership Income).
Only one return for the partnership is necessary. The partnership
through the return will issue reporting statements (K1) to each of the
partners. You will use those K1s when you each file your individual 1040
returns.
TurboTax Business (Windows only) contains everything you'll need to prepare Form 1065 and the associated Schedule K-1 forms.
It also lets you prepare W-2 and 1099 forms for employees and contractors that work for your LLC.
Thank you for your answer. I guess I should add a little more detail. I am also a student, with a variety of personal deductions. I am also a working employee that earns a separate W2. Do I need to complete TurboTax Deluxe AND TurboTax Business?
I am frustrated and confused because I normally file a form with Turbotax Deluxe. This year I am attempting Turbotax self-employed, but I am finding because I am a multi-member LLC this will not work.
Then for your personal return you need to use Turbo Tax Online or the Desktop CD/Download program. So you need to use 2 programs. If you use the Online version you need to use Premier to enter a K-1 from the Business return.
Start an Online return here,
https://turbotax.intuit.com/personal-taxes/online
Buy the Desktop CD/Download Program here,
So for my personal taxes do I need to include any of the business deductions?? Or do I save it all for the TurboTax Business?
No, on your personal return you just enter the K-1 or W2 you get from the Business return. You do not fill out a Schedule C for it. Do the Business return first since you will need info from it to do your personal return.
In fact the first year you should go to a CPA or Accountant to get it all set up and do it all right.