Question

We are forming an LLC and buying franchise stores. What turbo tax will we need for the business (LLC taxed seperately)

Forum|Forum|6 years ago
October 17, 2019
3 replies
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TurboTax Free Edition Online

Employee

If you are referring to a multi-member LLC or a Partnership then you would need to use the TurboTax Business Edition. For tax year 2019 you can pre-order the Business Edition from this website - https://turbotax.intuit.com/small-business-taxes/

The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online

The Business Edition cannot complete a personal tax return, Form 1040.

VolvoGirl

Employee

The first year or two you should go to an accountant and get it set up right.

you will need Turbo Tax Business.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

Carl11_2

Employee

LLC taxed seperately

Just fyi, but a multi-member LLC is not "really" taxed separately. All LLCs be it single member or multi-member, are disregarded entities. While a multi-member LLC will file a physically separate tax return (1065 Partnership Return) the income, expenses and other liabilities are shared by the owners based on percentage of ownership & capital contributions each partner has in the multi-member LLC/Partnership.

Word-wise, it's all semantics.

Rick19744

Employee

Point of clarification.

A multi-member LLC is NOT a disregarded entity. It is a separate entity separate from the owners and organized under state law.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

A

Anonymous_

Employee

@Rick19744 wrote:
A multi-member LLC is NOT a disregarded entity. It is a separate entity separate from the owners and organized under state law.

Exactly, and apparently some folks are conflating disregarded entities (e.g., single-member LLCs) with pass-through (or flow-through) entities (e.g., multi-member LLCs, S corporations).