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July 8, 2020
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My wife filed self employed taxes for herself already this year. She now has to file taxes for her single person LLC what turbo tax product should she use?

  • July 8, 2020
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Best answer by work4god2day

she already filed her personal taxes for 2020 now she has to file her business taxes for her single person LLC

1 reply

work4god2dayAuthorAnswer
July 8, 2020

she already filed her personal taxes for 2020 now she has to file her business taxes for her single person LLC

VolvoGirl
Employee
July 8, 2020

Is her Single Member LLC an S Corp?  If not it is a disregarded entity and goes on her personal return on Schedule C.  Then does she have a separate self employment business?  

 

If she needs to file a business return that should be done first to get the K-1 to enter into her personal return.  Now she might need to amend her personal return.  Did you and her file a Joint return?  Or why are you filing Separate?  Joint is usually the best way to file.

 

If she needs to file a separate Business return for the LLC, she need Turbo Tax Business.  The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

July 8, 2020

THANK YOU YOU HAVE BEEN VERY HELPFUL.