Question

TurboTax Product to use for business and personal taxes

Forum|Forum|3 years ago
January 12, 2023
1 reply
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I have 2 member (husband and wife) LLC created last June 2022. I have no income for LLC however I do have losses for LLC. All I need to know which TurboTax product I need to use to file my Federal + State Business Taxes and also, my Personal Federal + State Taxes. I ran through the list and there is TurboTax product called "Business + Home", is that one I need to use? Thanks for answer.

PatriciaV

Employee

It depends on where you live.

If you live in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, & WI), you may each file Schedule C on your joint return to report your respective shares of the business losses. In this case, you may use TurboTax Online Self-Employed or TurboTax Home & Business CD/Download.

However, if you do not live in a community property state, the LLC must file a separate business return (Form 1065 Partnership, available in TurboTax Business). You would then include the information from two Schedules K-1 on your joint return.

Read the full text at Election for Married Couples Unincorporated Businesses for options available to you.

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