If you are the sole owner of the LLC and haven't elected to be taxed as a Sub-S corp then there would be no Schedule K-1 submitted to you since the LLC, in this case, would be considered a "disregarded entity" by the IRS and you'd simply report the activity of the LLC on your Schedule C. (Schedule K-1 is an "informational return" in the same vein as a W-2, 1099-DIV, etc. and you'd take numbers off that informational return and enter them in your own income tax return.)
If it's a multi-member LLC then, usually, you should have received a Schedule K-1 allocating to you your share of the entity's activity. Schedule K-1's get generated for each partner when the partnership prepares its Form 11065 or to each shareholder when the corporation prepares its Form 1120S.
Is this a single-member LLC that hasn't elected to be taxed as a Sub-S corp?
Tom Young
If you are the sole owner of the LLC and haven't elected to be taxed as a Sub-S corp then there would be no Schedule K-1 submitted to you since the LLC, in this case, would be considered a "disregarded entity" by the IRS and you'd simply report the activity of the LLC on your Schedule C. (Schedule K-1 is an "informational return" in the same vein as a W-2, 1099-DIV, etc. and you'd take numbers off that informational return and enter them in your own income tax return.)
If it's a multi-member LLC then, usually, you should have received a Schedule K-1 allocating to you your share of the entity's activity. Schedule K-1's get generated for each partner when the partnership prepares its Form 11065 or to each shareholder when the corporation prepares its Form 1120S.
Is this a single-member LLC that hasn't elected to be taxed as a Sub-S corp?
Tom Young