I am a single member LLC do I use the self employed turbo tax or just the personal turbo tax and include the business on the schedule C?

[SweetieJean]

Have you elected S Corp tax status?

[VolvoGirl]

The Self Employed version is for personal returns that include schedule C.  
If you are an S corp you need Turbo Tax Business, not to be confused with Home & Business or Self Employed version .  Business is only available for Windows and not online and not Mac.  You can buy Turbo Tax Business here, <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>

[mpd42900]

No I have not

[Opus 17]

You can choose to treat the LLC as a corporation and file a corporate return for the LLC and then a personal return with a K-1 form.   

Or you can treat the LLC as a disregarded entity and report it on schedule C on your personal tax return.

 I don't know if there are tax advantages or disadvantages to either method.

 If the LLC ever takes on a second partner, then it must prepare a separate partnership tax return.

[rjs]

You can use either. A single member LLC is disregarded for income tax purposes, so you report it as self-employment income (business income) on Schedule C. In TurboTax Online, any edition will allow you to enter a 1099-MISC and have the income reported on Schedule C. But if you have income that is not on a 1099-MISC, or you have business expenses, you have to use Self-Employed. If you use the CD or download TurboTax software you can use any edition, but Home & Business will give you a more detailed interview and more guidance for self-employment.

[mpd429000]

so entering the business income is done on the 1099 and will then go on the 1040 Schedule C?

[VolvoGirl]

Yes.  You enter the 1099Misc or you can enter cash income.

To fill out Self Employed income and expenses Log into your account and click orange Take me to my return button

Type schedule c in the Search box in top right corner and hit enter

Click on jump to schedule c and this should bring you to the Did you have any income and expenses for a business in 2016? screen and you choose Yes there and follow the prompts.

To enter cash income without a 1099Misc into the Online Self Employed version,   if you see a Business tab at the top, after Personal Info, follow the instructions to enter the cash as General Income.  If you do not see a Business tab you have a Federal tab, choose the second topic of Additional Income underneath the 1099-Misc income topic.

[Opus 17]

When you enter the first 1099-MISC you will get a series of questions about the business (name, EIN, business code, etc.)  From then on, you will have a "business" tab at the top of the screen as well as a "personal" tab.  The business tab is where you will enter all the business income and expenses (depreciation, assets, etc.).  The "business" tab is your schedule C.  If you had two different businesses that you wanted on separate schedule Cs they would both go under the "business" tab.

The personal tab is where you will enter any other personal income (W-2, W-2G, 1099-R, 1099-B, 1099-INT, etc.) and your personal deductions (charity, mortgage, etc.)