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June 1, 2019
Question

I started an LLC and I am the only member, how do i file

  • June 1, 2019
  • 1 reply
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June 1, 2019

If you never made an election to be treated as a Corporation, enter it in the TurboTax Online for Self-Employed. Your LLC will be treated as a "disregarded entity" filing as a Sole Proprietor on your individual 1040 return.

TurboTax automatically creates Schedule C (or Schedule C-EZ) when you enter your business information or when you enter what the IRS considers self-employment income, which is often reported on Form 1099-MISC.

Here's how to do that:

  • Type “Schedule C” in the Search box.
  • Select the “Jump to” link. You may be asked to upgrade to TurboTax Self-Employed Online
  • Go to Business Income
  • Under General Income, click Start
  • Enter any income from sales or services that weren't reported on Forms 1099-MISC

Remember to enter 1099-MISC, 1099-K, cash, and personal check income from your self-employment before you associate any expenses with your business.

Single Member Limited Liability Companies. An LLC is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner's tax return (a "disregarded entity")

An LLC is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner's tax return (a "disregarded entity"). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan..