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.
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)
