01-26-2015, 11:32 PM
Pretty sure we used Home & Business to file for the LLC. I'll have to double check when I get back home on Friday on the specifics. I seem to recall it asking you whether you are a domestic partner or not but no idea what it does if you say yes.
That being said, I'm pretty sure there is no difference in tax treatment for the LLC itself and form K1 should work either way especially if you're just partners and not employees and none are taking a salary where you'd have withholding issue to deal with (we have any payments made to partners set up as Guaranteed Payments instead of Salary so there is no witholding by the LLC and instead partners would pay self-employment taxes on their personal returns -- the guaranteed payment would also be reflected on the K1).
I'll check and let you know what TurboTax says about it when I get home. I thought the whole point of partnership tax treatment is its a total pass through. The only question is if non-domestic partners get a different form than form K1 which I doubt would be the case.
That being said, I'm pretty sure there is no difference in tax treatment for the LLC itself and form K1 should work either way especially if you're just partners and not employees and none are taking a salary where you'd have withholding issue to deal with (we have any payments made to partners set up as Guaranteed Payments instead of Salary so there is no witholding by the LLC and instead partners would pay self-employment taxes on their personal returns -- the guaranteed payment would also be reflected on the K1).
I'll check and let you know what TurboTax says about it when I get home. I thought the whole point of partnership tax treatment is its a total pass through. The only question is if non-domestic partners get a different form than form K1 which I doubt would be the case.
Too many games to fit in signature....