Partnerships and LLC (as community property) entities may qualify for the election on the federal return, but each state has its own tax laws. The 2 Schedule C route will require only one program whereas the LLC 1065 route requires both programs be purchased.Įlection for Married Couples Unincorporated Businesses - IRS document - this should help you to decide which route you should (or can) take. You will need to do the Form 1065 before your personal return because you will need the K-1s.
For non-community-property states, you file the LLC on Form 1065, and yes, you would use TurboTax Business (not home and business) to prepare the Form 1065 and the software will generate the two K-1 forms that you will enter on your personal tax return using Home & Business, later. If you are in a community property state and elect file the LLC as detailed in Thomas's link, as a Qualified Joint Venture (excerpt copied below), you would file 2 separate Schedule Cs, one for you and one for your wife and you would only need TurboTax Home and Business (personal product).
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