How to convert multi-member LLC to single member LLC

Forum|Forum|3 years ago
January 24, 2023
2 replies
21 views

I have a new client who has been filing her husband and wife owned LLC as a partnership. Since the LLC is a CA LLC which theoretically can be filed as a disregarded entity or schedule C with their jointly filed Form 1040.

Is there a way to change their LLC filing from Form 1065 to Schedule C?

Really appreciate any insight or suggestion.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

You cant automatically convert a 1065 into a 1040 with a Sch C, you'd have to re-enter your list of assets manually.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Skylane

Intuit Community Champion

I generally amend the last 1065to mark it final. Then prepare a schedule C. There’s no way that I know of to transfer assets or other into from a 1065 to a sch C…. But I could be wrong…

If at first you don’t succeed…..find a workaround

S

Summer2021Author

Level 4

Thank you all! I think both of you provided valuable information.

I think what I will do is to amend prior year Form 1065 tax return, then key in fixed assets information to Schedule C.

Sign up

Login with SSO

Let's get you signed in

Login with SSO