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Can I enter expenses on my personal taxes too if they have been entered for my business on turbo tax Business for an LLC that produces a k-1 to members?

I am using TurboTax Business for my LLC and TurboTax premier for my individual return.  I understand that income passes through to members via K-1. Do the expenses pass through too?

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MinhT
Expert Alumni

Can I enter expenses on my personal taxes too if they have been entered for my business on turbo tax Business for an LLC that produces a k-1 to members?

You should not enter your LLC's expenses on your personal tax return. Your share of the net income of the LLC (gross income minus expenses) is passed through to you by your Schedule K-1. 

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MinhT
Expert Alumni

Can I enter expenses on my personal taxes too if they have been entered for my business on turbo tax Business for an LLC that produces a k-1 to members?

You should not enter your LLC's expenses on your personal tax return. Your share of the net income of the LLC (gross income minus expenses) is passed through to you by your Schedule K-1. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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