Question

LLC owned by 2 people

Forum|Forum|7 years ago
June 4, 2019
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Hi, My wife is part of a new LLC that is owned by 2 people. What do we need to file?

TurboTax Self Employed Online

Employee

The LLC must prepare and file a separate business tax return, usually form 1065. The LLC tax return will produce a K-1 form for each partner. The partners will report the K-1 form on their individual tax returns, along with any other income and deductions.

Unfortunately, the new deadline for partnership tax returns was March 15, so you are already late. I don't know what the penalties are.

TurboTax sells a program called TurboTax Business, they can produce partnership returns, but it it only installs on your own computer and it only runs on PC. TurboTax Business is not available online, or for the Mac.

Once you have the K-1 form, you can prepare your personal tax returns using TurboTax deluxe, premiere, or self-employed, using either Mac or PC or online, depending on your other needs.