Question

LLC filing for a Married Couple-Form 1065-What Turbo Tax Software Do I Need?

Forum|Forum|6 years ago
March 5, 2020
3 replies
0 views

My spouse and I started a business (which happens to be a LLC). As such, we MUST file @form 1065 as required by the IRS. I cannot find any package that Turbo Tax offers that includes all forms needed for a married couple, filing jointly, who happens to be small business owners, with a LLC. From the research I've done, it seems as though I need Turbo Tax Home & Business (No Form 1065 but has the Schedule C for Small Business) in addition to Turbo Tax Business (Has form 1065 but DOESN'T include personal income tax preparation). Why doesn't Turbo Tax offer a package that includes everything? I can't be the only person with this issue...

TurboTax Home & Biz Windows

H

HPFMTax

Yeah, you need two packages.

M

MinhT1

If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), your husband-wife LLC is a disregarded entity and can be filed on a Schedule C within your personal tax return. You'll then only need TurboTax Self-Employed (Online) or TurboTax CD/Download.

In you live in another state, then you'll need TurboTax Business to file form 1065 for your LLC.

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L

Lucky33Author

Thanks for your reply. We live in Oregon which is not a community property state. It seems we are classified as a partnership by the IRS. For an LLC classified as a partnership, do we have to pay the Oregon minimum excise tax of $150 even if we did not make any profit?

L

Lucky33Author

Another question:

As I am now having to use 2 different forms of Software (Turbo Tax Business and Turbo Tax Home & Business) and I want to ensure the IRS receives all information together, it is better for me to mail all documents or will the IRS sync everything together if submitted through each version of software?

P

pfletch51

I learned so much from reading the replies from the question you posted as I was having the same issue. My only difference was I live in Alabama which is not a community property state either I believe. I did not know I would have to pay the excise state tax if showing a profit but I do now if I am understanding this correctly. Thanks for all the info!

VolvoGirl

Employee

Everything has been answered above. Review this whole thread. What are you looking for? Do you need the separate Business program? You might need 2 programs, both personal and Business.

Turbo Tax Business is a separate program from Home & Business. It is not available to do online or on a Mac.

You can buy the Window's version here…..

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