single member LLC

Forum|Forum|2 years ago
January 30, 2024
2 replies
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As a single member LLC I use 1040 Schedule C for expenses but it does not help me to file the State Tax return Form 568.

I used the self employed Turbo Tax. Which version should I use?

Please help

TurboTax Self Employed Online

DawnC

Employee

TurboTax can file CA Form 568 in most cases. And the Self-Employed version is the correct version to use. Forms Availability Have you gone through the entire CA return in TurboTax Online yet? Did you print and save your return?

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PMack808Author

I file a Sch C for my notary business, and one for my music business and one for my insurance sales business. I also did all of my SINGLE MEMBER LLC business expenses on Schedule C.

The problem is that for my first year as an LLC, from 2020 to 2022 the form 568 never came up to complete it for the State of CA.

I see another Turbo Tax version but it shows as a version for a multi member LLC.

So, how do I go back and amend 2020 and 2021 to include form 568 for the LLC with help from Turbo Tax. I am still trying to finish 2022 but again no help for the LLC part.

Please advise.

DaveF1006

As you navigate through each return, is there ever a screen that asks Is <name> owned by a single member LLC?. Click Yes. That activates the Form 568 and populates it with as much information from the Calif Sch C Worksheet as it can.

@PMack808

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aadd

Does Turbotax Desktop also activates the Form 568 and populates it with as much information from the Calif Sch C Worksheet as it can. Is this True for Turbotax Home & Business Desktop version also?

I have a husband and wife CA LLC. My understanding is that the Federal Govt considers husband & wife LLC as single member LLC (SMLLC) in state of CA.

An SMLLC is disregarded for Federal tax, so my understanding is I will not file only Sch C on personal.
Plus I am required to file a form 568 for CA.

Typically I would use Turbotax Business for Federal return, and Turbo uses that info to create an appropriate State business return. But here this is unusual case where there is no separate Federal return (except Sch C on personal) but state still requires filing a business return from LLC (568). How to handle this scenario in Turbotax desktop? I have purchased both "Turbotax Business Desktop (windows) 2024" as well as "Turbotax Home & Business Desktop (windows) 2024"
Thanks.