I am a single member LLC do I use the self employed turbo tax or just the personal turbo tax and include the business on the schedule C?

Forum|Forum|7 years ago
June 6, 2019
5 replies
0 views

No text available

TurboTax Self Employed Online

SweetieJean

Alumni - Champ

Have you elected S Corp tax status?

VolvoGirl

Level 15

The Self Employed version is for personal returns that include schedule C.
If you are an S corp you need Turbo Tax Business, not to be confused with Home & Business or Self Employed version . Business is only available for Windows and not online and not Mac. You can buy Turbo Tax Business here, <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/</a>

mpd429000Author

Level 2

No I have not

Opus 17

Level 15

You can choose to treat the LLC as a corporation and file a corporate return for the LLC and then a personal return with a K-1 form.

Or you can treat the LLC as a disregarded entity and report it on schedule C on your personal tax return.

I don't know if there are tax advantages or disadvantages to either method.

If the LLC ever takes on a second partner, then it must prepare a separate partnership tax return.

rjs

Level 15

You can use either. A single member LLC is disregarded for income tax purposes, so you report it as self-employment income (business income) on Schedule C. In TurboTax Online, any edition will allow you to enter a 1099-MISC and have the income reported on Schedule C. But if you have income that is not on a 1099-MISC, or you have business expenses, you have to use Self-Employed. If you use the CD or download TurboTax software you can use any edition, but Home & Business will give you a more detailed interview and more guidance for self-employment.