Question

2 New Companies with 2 New LLC Partnerships

Forum|Forum|5 years ago
January 25, 2021
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My wife and I have started two new businesses in 2020 under two separate LLC's as partnerships - can we combine the two on one 1065 and have only single K-1 forms, or do we have to separate them? Thanks

TurboTax Business Windows

A

Anonymous_

Employee

No, you will have to separate them (enter them separately, each on its own Form 1065).

If you reside in a community property state, you might be able to treat the LLCs as qualified entities (disregarded for federal income tax purposes) and file for each LLC on two separate Schedules C (i.e., two Schedules C for one LLC and two Schedules C for the other LLC).

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf