TurboTax FAQ
TurboTax FAQ
742 people found this useful

Which TurboTax do I need to file as an LLC?

For tax purposes, the IRS will treat your limited-liability corporation (LLC) in one of three ways: as a sole proprietorship, partnership, or corporation.

Sole propietorships are handled by TurboTax Home & Business; the others are handled by TurboTax Business.

Read on to find out which product you need.

Single-member LLC (sole proprietorship)

If you're a sole proprietor who formed an LLC with just yourself as a member, you'll file Schedule C with your Form 1040 and include all LLC income and deductions there.

TurboTax Home & Business has everything you need to file your personal return along with your Schedule C. It's available as a CD/Download for Windows and Mac or Online as TurboTax Self Employed.

Multi-member LLC (partnership)

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).

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.

LLC treated as a corporation (uncommon)

You or your attorney would have filed Form 8832 (Entity Classification Election) with the IRS to have your LLC taxed as a corporation. 

It doesn't matter if your corporate LLC has multiple members or just you – you'd need TurboTax Business (Windows only) to prepare and file Form 1120 (U.S. Corporation Income Tax Return).

TurboTax Business also lets you prepare W-2 and 1099 forms for employees and contractors working for your LLC.


GEN12395