Since you live in Arizona, your multi-member LLC can be treated like a single member LLC, and you can can report your business income and expenses on Schedule C, as a part of your personal tax return. In this case, you would want to use either TurboTax Self-Employed if you use the Online version,or TurboTax Home & Business if you use the desktop software version. If you qualify to treat you LLC as Single Member LLC, this is only product you will need to buy to prepare your tax returns. If you don't qualify, you would have to use TurboTax Business to prepare a Form 1065 for you mulit-member LLC.
The IRS has issued a special rule applicable to LLCs owned by married couples who live in community property states. Under this rule, a married couple can treat their jointly owned business as a disregarded entity for federal tax purposes if:
- the LLC is wholly owned by the husband and wife as community property under state law
- no one else would be considered an owner for federal tax purposes, and
- the business is not otherwise treated as a corporation under federal law.
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