Multiple LLC owned by spouses- tax year 2022

Forum|Forum|3 years ago
March 4, 2023
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We have a multi-member LLC , which we will terminate in 2023.

My wife and I will file jointly our final taxes for 2022 for our multi member LLC using TurboTax Business & TurboTax Home & Business .

At the same time in 2022, my wife created a Single LLC. Since this is a single member LLC we couldn't use the TurboTax Business but used the TurboTax Home & Business.

1) Since we currently have two LLCs (multi-member and Single member LLC) for the fiscal year 2022, do we use the TurboTax Home & Business 2022 twice, one for the multi-member LLC and one for the single member LLC?

TurboTax Business Windows

Best answer by Anonymous_

You use TurboTax Business for the multi-member LLC and prepare a 1065 with associated K-1s.

You then prepare your individual income tax return (1040), once, for the single-member LLC and the rest of your income and expenses.

Anonymous_Answer

Employee

You use TurboTax Business for the multi-member LLC and prepare a 1065 with associated K-1s.

You then prepare your individual income tax return (1040), once, for the single-member LLC and the rest of your income and expenses.

kappa808Author

We are trying to file our individual income tax return (1040), for the single-member LLC and the rest of our income and expenses. For the income, the step-by-step asks for any 1099-NEC, 1099K, which we received from our multi-member LLC , NONE for the newly created single-LLC.

We always file our 1040 jointly but in this case do we now need to file separately? My wife and I are under the multi-member LLC which will be dissolved in 2023 but we still need to file a 1040 for 2022 which has 1099 NEC, 1099K.

ThomasM125

You need to file the multi-member LLC income and deductions using the TurboTax Business product, as a partnership form 1065, from which you will generate K-1 schedules for you and your spouse. You will file your personal tax return using the Home and Business, or also known as Self-Employed TurboTax product on which you will enter self-employment income for the single-member LLC, it will show up on a schedule C. The K-1 forms will show on the second page of schedule E.

The K-1 schedules get entered in the S-corps, Partnerships and Trusts section (in the Wages and Income area) and the Single-member income and deductions get entered in the Self-employed income and expenses area.

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