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trojman
New Member

Do I add our LLC business info and income in the Business section or in the schedule k-1 section?

When I look at my income summary page in TT, I see my LLC business income showing under Sole Proprietor. Since it is not a sole proprietorship, should I not add it in the Business section?
2 Replies
Carl
Level 15

Do I add our LLC business info and income in the Business section or in the schedule k-1 section?

Based on your reference to "K-1" I am assuming that this is a multi-member LLC that has already filed it's own completely separate Form 1065 tax return and has issued K-1's to each owner. If so, you are asked for K-1 information under the Wages & Income tab under the Business Investment & Estate/Trust heading.

If this is a single-member LLC, then you should not be in possession of a K-1 from that business.

MichaelL1
Level 15

Do I add our LLC business info and income in the Business section or in the schedule k-1 section?

A single member LLC is considered a disregarded entity for tax purposes and is reported on a Sch C. 

A multi-member LLC has to file a separate return and then a 1120-S or 1120 is filed. 

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