Note that if you have absolutely no accounting or income tax preparation experience with respect to entities, you might want to seek professional guidance. Further, TurboTax Business is not available as an online product it must be installed and run in a Windows environment (there is no Mac version). TurboTax Business cannot be used to prepare your individual income tax return so you will need a personal income tax preparation product. Otherwise, the LLC will have to file a Form 1065 and the TurboTax product that is capable of preparing a 1065 is TurboTax Business (link below). In the second example, Part I would report an at - risk loss of 200, and Part II would report an amount at risk of negative 100. If that is the case, you can use TurboTax Self-Employed through the TurboTax web site (i.e., you can prepare your return online). In the first example, Part I would report an at - risk loss of 300 Part II would report an amount at risk of 100 and Part IV would report a deductible loss of 100. If you and your wife hold your interests in the LLC as community property in a community property state, then you can treat the LLC as a disregarded entity and each of you can file a Schedule C (Form 1040) according to your interests in the LLC.
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