Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 1, 2019 3:45:42 PM

Does anybody know how to file the taxes for your single member llc on turbotax?

0 1 814
1 Best answer
New Member
Jun 1, 2019 3:45:43 PM

A single member LLC does not file a separate tax return for the business. Your single member LLC business income and expense activity is to be filed on your personal tax return.  The IRS views a single member LLC as a disengaged entity, therefore it is to file its return as a sole proprietor does by reporting the income and expenses on Schedule C, E or F (depending upon the type of business) of the personal income tax return.

Therefore you can use TurboTax Self-Employed (online) or TurboTax Home & Business (CD/Download) versions of the software to compete the tax return for both your business and your other personal income.

See more information here: IRS:  Single Member LLC's


1 Replies
New Member
Jun 1, 2019 3:45:43 PM

A single member LLC does not file a separate tax return for the business. Your single member LLC business income and expense activity is to be filed on your personal tax return.  The IRS views a single member LLC as a disengaged entity, therefore it is to file its return as a sole proprietor does by reporting the income and expenses on Schedule C, E or F (depending upon the type of business) of the personal income tax return.

Therefore you can use TurboTax Self-Employed (online) or TurboTax Home & Business (CD/Download) versions of the software to compete the tax return for both your business and your other personal income.

See more information here: IRS:  Single Member LLC's