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LLC owned by a Trust - How to file in TurboTax Business?

Forum|Forum|3 years ago
February 18, 2023
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We have an Single member LLC owned by a Trust (only the trust owns it) - How do you file taxes in TurboTax Business for the LLC? I don't see how to enter the LLC when filing the Trust tax. Do I need a seperate return for to file for the LLC?

TurboTax Business Windows

Best answer by Anonymous_

@jeffm wrote:

Do I need a seperate return for to file for the LLC?

You do not need to file a separate return for the LLC (Form 1065) if it is a single-member LLC without an election to be treated as a corporation for federal income tax purposes.

A

Anonymous_Answer

@jeffm wrote:

Do I need a seperate return for to file for the LLC?

You do not need to file a separate return for the LLC (Form 1065) if it is a single-member LLC without an election to be treated as a corporation for federal income tax purposes.

J

jeffmAuthor

Ok, so the only way I found to actually enter the data for LLC was to go to forms and create a new schedule C where I put in my information. It was necessary to override the EIN since the LLC EIN was not the same as the trust EIN. Then I just entered my income, and expenses and it seemed to work. I didn't see anything in the interview process for Turbo Tax Business to do this. Is this the correct way to get this done?

A

Anonymous_

On a 1041? Yes, you need to complete a Schedule C in Forms Mode.

J

Justa-Tax-Noob

How do you create a new form? All I get are business forms.

I am the trustee for a trust that owns a single-member LLC. The trust doesn't yet have an EIN because nobody died yet. The trust owns the LLC, and the LLC owns the rental property.

Also, how do you enter property tax expenses paid by the LLC as a business expense? TurboTax doesn't ask for property taxes in the business expense section.

R

RobertB4444

If the trust is not active yet then it doesn't need to file a tax return. The LLC files a tax return and does it however its single member decides. Since it is a disregarded entity it has a lot of options.

@Justa-Tax-Noob

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