I already filled out my personal taxes for 2019, but also opened a Single Member LLC which I though I have to file for separately..

[Beniamin]

Hello,

I already filled out my personal taxes for 2019, but also opened a Single Member LLC which I thought I have to file separately. But I now see that since it is a Singe Memeber LLC, I should have filed everything together.  What do I need to do?

Details: 

I have already used TurboTax Online Self-Employed because I had made some money as a Sole Proprieter while driving for a Ride Share company.

I opened a Single Member LLC in August in a totally different field and thought I would have to file separately. (didn't' look into it enough)  Also, I did not have any profit from my new LLC last year, because the starting costs were much higher than the income. 

Looking through the forms, I now understand that I had to file together using my SSN and not the LLC's FIN, and I will do so in future years.

But:  What is the best approach that I should take in order to file my income/expenses for the Single Member LLC at this time?

Thanks 

[VolvoGirl · Accepted solution]

Yes you have to file a Single Member LLC on your personal return on schedule C as self employment.  It is a disregarded entity.  Unless you elected to be an S Corp.

if you already filed you need to amend.  If you haven't filed your 1040 return yet you can just add it.

You cannot change or add anything on the return that you e-filed.  It is too late, just like when you put an envelope in a US mailbox

Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and add or change it and resend it.

If the IRS accepts your return, then you have to wait until it has been fully processed and you have received your refund or paid the tax due. THEN you can prepare an amended tax return 1040X and mail it in. You cannot e-file an amended return.  Meanwhile, DO NOT change anything on your return until you start the amended return. If you did change or add the missing info then take it out and put your return back to the way it was when you first filed it.

You can check your efiling status here,
https://turbotax.intuit.com/tax-tools/efile-status-lookup/

How to amend an Online return
https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

[Beniamin]

That answers my questions, thank you.