Small Business Tax
We have started a multi member LLC at home. Me and my wife are members. Can we use FreeTaxUSA to file our last year Tax ? If yes suggest the steps.
Best Answer
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Assuming you did not elect to be an S-corporation, you are a partnership and would have to file Form 1065 (partnership return.) I believe FreeTaxUSA only supports filing of Form 1040. Of course you and your wife will have to file Form 1040 to report your share of the partnership profits, as well as your other income and you can do that on FreeTaxUSA.
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Answers
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JMSSGV is right—our software supports the preparation of individual tax returns, so we can help you file Form 1040 but not the partnership return.
For the multi-owner LLC, you will generally need the business return completed before you file your own tax return to ensure accuracy. Once that is done, a Schedule K-1 will be given to each owner showing that owner's portion of LLC income that needs to be reported on the owner's Form 1040. You can then report your Schedule K-1 income from the LLC on the Partnership or LLC Income and Deductions (Schedule K-1) screen by using the following menu path:
Income > Business Income > Partnership Income (Schedule K-1)
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I've been using TurboTax for years now. But I was late filing my 2023 taxes and had to mail them in. Then I read something on the IRS site that said you can electronically file 2022, 2023 and 2024 taxes, just not during their blackout peroid. So I wanted to know if I re-worked my 2023 small business takes in FreeTaxUSA, will I be able to e-file once I'm done?? Turbo Taxs says they can't e-file after Oct 20 of that tax year. I did mail the 2023 forms in, but where is my refund doesn't have any records of them ever receiving the return.
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Yes, you can use Free Tax USA to file your taxes, but since your multi-member LLC is treated as a partnership by default, you'll need to file Form 1065 first. Free Tax USA does not currently support partnership returns, so you may need separate tax software or a professional for that. Here’s the process:
- File Form 1065 (Partnership Return) – This reports the LLC’s income and expenses. Each member receives a Schedule K-1 showing their share of profits/losses.
- Report K-1 on Personal Tax Returns – Each member includes their K-1 on their personal tax return (Form 1040, Schedule E).
- Use Free Tax USA for 1040 Filing – Free Tax USA supports individual returns, so you can enter K-1 details there.
Consider tax software that handles Form 1065, or consult a professional to ensure compliance.
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