Question

Does Your product “home and business” do TWO-Member LLC?

Forum|Forum|6 years ago
June 7, 2019
2 replies
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TurboTax Free Edition Online

DoninGA

Employee

Are the members a husband and wife?

A

AndreaC1

Employee

Yes, if you are husband and wife filing jointly and have elected to not be treated as a partnership (but a qualified joint venture) for Federal tax purposes, then you'd file Schedule C (Self-Employed online or Home & Business desktop version for that). More on this topic can be found here Election for Married Couples Unincorporated Businesses

Otherwise, you will need TurboTax Business software to do a multi-member LLC return. That version handles any returns that need to be filed for corporation (Form 1120), S corporation (Form 1120-S), partnership/multi-member LLC (Form 1065), or homeowner association (1120-H). And then, the personal product you choose will have to be either Premier or Self-Employed online to enter K-1's on your personal 1040 return.

NOTE: TurboTax Business is a Windows-only software program available as a CD or download. There is no online or Mac version for it. This version handles only business returns, not personal ones.

Is TurboTax Business right for me?

https://ttlc.intuit.com/replies/3349034

What types of returns does TurboTax Business handle?

https://ttlc.intuit.com/replies/3301507

[Edited 1/9/18 at 12:52PM to add IRS documentation on "Qualified joint venture" if married filing joint return]

A

astrlsrfr

Me and my wife file as a QJV. Of course, this is in the FED's eyes. In our state (CA), they see us as a MMLLC, but we file taxes as a SMLLC with passthrough. Not confusing at all!

We used Home & Business this year. Last year we used Deluxe. Either seemed to work ok for the federal. HOWEVER, the CA state TT was unable to handle the passthrough LLC filing. Hence, I had to pay it manually using their website & by mailing some forms. A major PITA! I am wondering if TT Business can handle this discrepancy between the FED (QJV) & state (MMLLC with passthrough) configuration. My guess is prolly not.

In a nutshell, the US tax system is a cluster.