Question

How do I indicate that my LLC is 50% ownership?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I've added the LLC to the Business section, but it only asked if it was owned by me or my wife. There is nowhere to say I'm one of two owners, and the other is someone else.

TurboTax Self Employed Online

A

AnnetteB6

You should check the paperwork you received when the LLC was created. It is likely that it was created as a partnership that will need to file Form 1065 to report its own taxes. In filing the Form 1065, a K-1 is created for each member of the partnership. Then, that K-1 is entered on your personal tax return.

Entering business income and expenses directly on your personal tax return is only used for sole proprietorships or husband/wife owned businesses.

The TurboTax Business version can be used to create the partnership tax return, Form 1065.

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