Skip to main content

1 reply

DavidS127
April 27, 2020

It depends on how your LLC is treated for tax purposes. 

 

If you are a "single member" LLC and have not made an election to be taxed as a corporation, you are what the IRS calls a "disregarded entity".  If that is the case, you treat your LLC as a sole proprietorship which files a "Schedule C".  For that, you'll need TurboTax Online Self-Employed, or TurboTax Download/CD Deluxe, Premier, or Home and Business (depending on what other items of income and deductions you have).  If you start with a lower-priced version, you'll be prompted to upgrade the software if needed.

 

If you have elected to treat your LLC as a corporation or S Corp, you'll need TurboTax Business to complete the LLC tax return, which will generate a Schedule K-1 for you as shareholder.  You then use that Schedule K-1 to prepare your individual tax return with either TurboTax Deluxe or Premier (either Online or Download/CD versions).

 

As an employee of a corporation, your wife should have a W-2 form, and that can be entered in any of the individual tax return versions.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"