You'll need to sign in or create an account to connect with an expert.
Your single member LLC is considered a "disregarded entity" by the IRS (unless you filed an election to be treated as an S-Corp). As a disregarded entity you would file your business income and expenses on Schedule C, as a part of your personal return. If you have already filed and have business expenses to deduct, you will need to file an amended return. You will need to upgrade to TurboTax Self-Employed in order to deduct business expenses on Schedule C. Since you didn't have any self-employment income, your expenses will result in a net-loss, which can reduce other ordinary income (such as W-2 earnings). To file an amended return, please see the following FAQ:
https://ttlc.intuit.com/replies/3288565
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jrlm59
New Member
brendavillafane1
New Member
ejk1970
New Member
baristajosh
New Member
neale2
New Member