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poonsup
New Member

How to file for an LLC? Self employed or ??

 
8 Replies
SweetieJean
Level 15

How to file for an LLC? Self employed or ??

Solo LLC? Did you elect  S Corp tax status?
poonsup
New Member

How to file for an LLC? Self employed or ??

no. The person who did my taxes in the past said she sent in a form to change status to S corp, then the next year she filed as LLC and said she never got a reply for the IRS regarding S corp. Hence the reason I am attempting to do this myself. It was always different with her. Never knew what to expect.
Critter
Level 15

How to file for an LLC? Self employed or ??

Then you should have a Sch C in last year's return so since you are not incorporated you will file another Sch C.
poonsup
New Member

How to file for an LLC? Self employed or ??

so which version of software do i use?
SweetieJean
Level 15

How to file for an LLC? Self employed or ??

TT Self-employed is fine
poonsup
New Member

How to file for an LLC? Self employed or ??

thanks for all the help
Critter
Level 15

How to file for an LLC? Self employed or ??

Depends on the type of LLC.

 - Single member LLC. This type of entity is not recognized by the IRS as a separately taxable entity, and is therefore disregarded by the IRS. All income and expenses is reported on a SCH C as a part of the owner's personal tax return.

 - Multi-member LLC. For this type of entity, if the number of owners is only two, and both owners are married to each other, and they will be filing a joint tax return, this is also considered as a disregarded entity. For this, all business income/expenses is split between the two owners and a separate SCH C for each of the owners is included with the jointly filed personal tax return in a community property state (see comment below).

If you are not in a community property state or the members are not married then you will file a Partnership return. 

 - Multi-member LLC two or more owners NOT married to each other. This type of LLC has two or more owners that are NOT married to each other, or if married are NOT filing a joint tax return. The IRS considers this to be a partnership. For this type of LLC setup a completely separate partnership tax return is completed outside of and completely separate from the owners personal tax return. TO file a partnership return with TurboTax, you must use TurboTax Business, which is a completely separate program from Home and Business.



Or is the LLC being taxed as an S-Corporation ?  

Critter
Level 15

How to file for an LLC? Self employed or ??

If you live in a community property state, and you and your wife are the only members of the LLC, you have the option to treat the LLC as a qualified joint venture instead of as a partnership. In that case you would each file a Schedule C reporting half of the LLC's income, assuming that you each own 50% of the LLC. Community property states are AZ, CA, ID, LA, NM, NV, TX, WA, and WI.

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