beanorama
Level 2
Member profile
Activity Feed for beanorama
- Got Cheered for Will TurboTax ask me about our multi-member LLC?. December 9, 2019 11:27 AM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 21, 2019 11:52 AM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 19, 2019 3:40 PM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 19, 2019 11:38 AM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 19, 2019 11:35 AM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 14, 2019 11:10 AM
- Posted Re: Will TurboTax ask me about our multi-member LLC? on State tax filing. October 14, 2019 11:07 AM
- Posted Will TurboTax ask me about our multi-member LLC? on State tax filing. October 14, 2019 9:50 AM
October 21, 2019
11:52 AM
@Critter @tagteam , thanks so much. I may or may not get the TT Business. Frankly, the return is drop-dead simple. I may get it if only because I have to pay Intuit to file a handful of 1099s anyway, so might as well have it to do the typing to generate the Form 1065 and K-1s. For the personal return, I'm fine going with downloaded version if you say it's "superior." That's the only useful information I've heard about the difference between download/online. One more clarification please, if you will? We do have other businesses that are single-member LLCs (separate and apart from the multi-member "partnership" that''s causing all the grief here). So we need Schedule Cs for those. And of course we need Schedule Es for reporting the K-1 income, and Schedule SEs. Are you saying if I get the download version, I actually don't have to get the TT SE, because the TT Basic and Deluxe versions both have all the forms, including those forms?
... View more
October 19, 2019
3:40 PM
@Critter, thank you for all the information you provide in your responses. Yet I'm still really at sea trying to figure out how to even evaluate TurboTax. Maybe it's just not possible. Maybe I just have to bite the bullet and buy. But if so, which one? Do I buy a CD/download? Or online? Which ones work for the "partnership" and which for us personally? How do I choose? When can I buy it? The "Tell us about you" page says the online TT SE is the one, but I've learned here that it won't work for multi-member LLCs. The "which product is right for you" page says that TT Business is the one, but I've also learned here that's wrong: TT Business won't do my personal returns. As best as I can tell, I'm supposed to buy a CD/Download of TT Business and then also buy either a CD/download or subscription to TT SE. I've been doing my own taxes, with several businesses, for years now. This year I was hoping TT would help me run different scenarios, mainly on how we allocate revenues and contributions among various tax-advantaged options. I was also hoping for a 21st Century solution that would automate things better than fumbling around with a bunch of filled-in PDFs. Everything else we do is cloud-based, so I was hoping to streamline my tax preparation process, too. But I can't wait until sometime in December. Some of those decisions need to be made sooner than that. Frankly, using the IRS's forms and publications is infinitely easier than shopping and evaluating TurboTax has been so far. At this point it's just really hard for me to imagine that my experience with TurboTax's tax preparation will be any less confusing and convoluted. I really appreciate the information and help you folks here on the community forum have provided. It is concerning that, with TurboTax's own information about its products and services being incorrect, it has apparently outsourced its sales process to you all as the only source of reliable information. That's just not instilling confidence.
... View more
October 19, 2019
11:38 AM
I appreciate everyone's concern. Maybe I can be more clear about what I'm now asking. I've already learned a few things. TTSE won't do Form 1065. I would need to use TT Business for the Form 1065. But TT Business won't do personal taxes, so I'd also need TT SE. But TTSE won't help me plan for 2019 personal taxes yet because it still presumes I'm doing my 2018 taxes. I'm now trying to discern if there's anything I can do now to investigate how either of the TT products/services would work for me for 2019. If anyone has any suggestions, I'm all ears.
... View more
October 19, 2019
11:35 AM
Lisa, I wasn't being clear. As another poster notes, the IRS accepts our characterization of the LLC (which technically isn't "disregarding" it, though it sure seems that way). We chose to have our LLC "treated" as a partnership (which is to say, it doesn't pay tax, but we as its partners do). Yes, the LLC has an EIN and it is used for the LLCs informational return filed on Form 1065. Again, to be clear, I'm not doing my 2018 taxes here now. I'm trying to figure out how TurboTax works to decide if it will help me in preparing my 2019 taxes.
... View more
October 14, 2019
11:10 AM
Thank you for the information. In investigating TurboTax Self-Employed, I thought it would work for us since we're both self-employed. Apparently not. And I'm not needing to file 2018 as we already did. I'm investigating TurboTax for filing in 2019 (and finding that there's not much I can learn about TurboTax until they decide to release something for 2019). Thank you for your concern.
... View more
October 14, 2019
11:07 AM
Thank you. Now I also see in answer to another post that this won't do what I need. TurboTax Self-Employed apparently won't work for a married couple that's self-employed in the same multi-member LLC treated as a disregarded entity and taxed as a partnership. Wish they would have said that before I spent hours on it.
... View more
October 14, 2019
9:50 AM
1 Cheer
On setup, TurboTax's questions presumed my wife and I are in separate businesses. We're not. We share a multi-member LLC. There was no way to tell it htat. How will TurboTax know how to correctly file our form 1065 if it won't even ask?
... View more
Topics: