Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. From you description it sounds like you need to complete forms 8804 and 8805. Did the LLC have taxable income in 2015?
I would assume that the taxes were paid individually and not via the LLC. Yes, you would only need to send in forms 8804 and 8805.
I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.
Please let me know if you have any other questions or need clarification. I am happy to help.
If you have a foreign member of the LLC you would withhold 39.6% (for an individual) on the income associated to the foreign partner. Let's assume that the LLC has $20,000 of income for the first quarter of 2016 and that this is a two member LLC with one member being a US citizen and the other a foreign member. The company would need to withhold based on the foreign member's share of the withholding. So in the example $3,960. The payments would need to be transmitted on form 8813.
I am a CPA located in Arizona. My name is***** I am prohibited form forming client relationships within the site. If you wanted me to prepare the tax return it would need to be outside of Justanswer.
Yes, you may call me. What is your email.