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March 9, 2022
Question

How to reflect AB85 LLC annual tax exemption in Turbotax?

  • March 9, 2022
  • 1 reply
  • 0 views

My Form 568 is showing $800 annual LLC tax (2021) on line 3 and thus also generating a Form 3588 with $800 due.  However, 2021 was my first year as a LLC so I don't owe that amount due to AB85.  How do I reflect that in Turbotax?

    1 reply

    March 13, 2022

    Can you clarify for us whether you LLC is a single member limited liability company (SMLLC)?  Also, if not an SMLLC, has your LLC elected to be taxed as a general partnership?  Lastly, how is your LLC taxed?

     

    @sorethumb

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