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New Member
posted Mar 3, 2025 2:51:52 PM

Before I buy the business filing, how can I determine how my LLC filing will affect my individual return?

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1 Best answer
Expert Alumni
Mar 3, 2025 2:57:41 PM

You can enter your share of taxable income from your LLC in TurboTax to get an idea of how it will affect your personal tax return. You will need to enter it as a Schedule K-1 in the Business Investment and Estate/Trust Income section in the Wages and Income area of TurboTax. The income is reported on lines 1 through 11.

 

1 Replies
Expert Alumni
Mar 3, 2025 2:57:41 PM

You can enter your share of taxable income from your LLC in TurboTax to get an idea of how it will affect your personal tax return. You will need to enter it as a Schedule K-1 in the Business Investment and Estate/Trust Income section in the Wages and Income area of TurboTax. The income is reported on lines 1 through 11.