TurboTax Business how to file taxes for S-Corp Series LLC

Forum|Forum|3 years ago
March 24, 2023
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In Illinois, have a parent S-Corp LLC with its EIN. Under this parent LLC, there are 5 Series LLC, all S-Corp, each holds a rental real estate property and has its own EIN.

I am under the impression that I can file a single tax return (1120S) for the parent LLC, which includes all Series LLC income and expenses. And tax returns for Series LLC will be taken care of at the same time.

My question is, how can I do taxes with TurboTax Business. More specifically, how to make sure all Series LLC EINs are included in the right place of this tax return so IRS knows no additional tax returns are needed for those Series LLC.

I am using TurboTax Business 2022, don't see where I can input EIN for each Series LLC under BUSINESS INFO tab. But under FEDERAL TAXES tab, there is a Rental Real Estate section, where I can input all rental property info. Or maybe I was just looking at a wrong place at all.

Would appreciate it if you could be specific and provide more details. Step by step would be the best. Thanks for your help!

TurboTax Business Windows

Best answer by Anonymous_

Thanks, tagteam!

Are you saying I should file 8869 for each Series LLC to make it a QSub (disregarded entity for federal tax purposes) when setting them up? I think it makes sense to treat each Series as a QSub.

Please let me know if below is correct:

First, I should use 8832 to elect to be treated as an association taxed as a corporation, for each Series LLC

Then, file 2553 for each to elect S Corp status

Once IRS approves first 2 actions, file 8869 for each to elect to be a QSub of the parent LLC

After that, I should be able to just file a single tax return for the parent LLC.

Look forward to your insights, and appreciate your help!

I believe this will work, but am not certain.

I will page Champ @Rick19744 for input.

AliciaP1

No, if the 5 LLCs owned by the parent are classified as S-Corps, each is required to file it's own tax return and submit a Schedule K-1 to the parent LLC (S-Corp). An S-Corp is never considered a disregarded entity to be reported on a "parent's" return.

The parent LLC will then file its own return with its income coming from the 5 Schedule K-1s issued by the subsidiaries.

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Anonymous_

Employee

You might want to read through the following two articles, @Bella523

https://www.thetaxadviser.com/issues/2010/jan/seriesllcsinbusinessandtaxplanning.html

https://www.thetaxadviser.com/issues/2012/aug/casestudy-aug12.html

Bella523Author