I started a LLC how do I enter that info

Forum|Forum|7 years ago
June 1, 2019
9 replies
66 views

I did not make any income from this business in 2016

TurboTax Premier Online

Anonymous

If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss).

To input your Schedule C LLC activity:

Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
Click on Search at the top of the screen
Input "schedule c" in the search box and hit enter
The first link available should be Jump to schedule c - click on this link
TurboTax will walk you through inputting your income, the business information, and expenses

If the LLC is owned by more than one person, it will most likely need to file a partnership income tax return (Form 1065) UNLESS there was an election made to be taxed as a C corporation or a subchapter-S corporation, in which case it will need to file Form 1120 (C corp) or 1120-S (S corp). TurboTax software for businesses can be found at https://turbotax.intuit.com/small-business-taxes/

Note: A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.

relyonendyind416

Level 2

May you share where to enter a LLC information in 1041? The LLC is wholly owned by the trust. Thx

Mike9241

Level 15

you pretend the LLC doesn't exist since for tax purposes it's a disregarded entity. so if it had interest income it would be entered when you're asked about interest income. business income would be entered on Schedule C and rents and royalties on schedule E.

Mike9241