How do I file for a Partner LLC

amccrovitz
amccrovitz Member Posts: 2 Newcomer

Hello!

My Partner and I (not married) started an LLC last year. How do we go about filing for that? We appreciate any help we can get!

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Answers

  • RyanZ
    RyanZ FreeTaxUSA Agent Posts: 70

    Welcome, amccrovitz, to the FreeTaxUSA Community!

    If both of you are listed as members of the LLC, you will need to file a business return (form 1065 Partnership) to report the business income and expenses. A form K-1 will be generated with the 1065 tax return, which is a type of summary of business activity for the year that you will include in your personal income tax return.

    FreeTaxUSA only supports filing the personal form 1040 tax return, so you will need to use a different service to prepare the business return.

    Please be aware that business returns are due to be filed 1 month before the individual returns, which is March 15 (Tomorrow). You will want to file an "extension to file" to avoid the failure to file penalty.
    https://www.irs.gov/instructions/i1065#en_US_2023_publink11392vd0e874

    There are penalties for filing a business return late, even if there no tax due on the return.
    "The penalty is $235 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due."
    https://www.irs.gov/instructions/i1065#en_US_2023_publink11392vd0e1221

  • amccrovitz
    amccrovitz Member Posts: 2 Newcomer