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?
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
piercedbarbiedoll19
New Member
cmwexpress
New Member
tawadley
Returning Member
ZacharyG
New Member
Stonks
Level 3