Solved: I changed my LLC to an S-Corp Election in 2016. How do I account for the change and file taxes now? I used to do a schedule C but that's not applicable now...
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I changed my LLC to an S-Corp Election in 2016. How do I account for the change and file taxes now? I used to do a schedule C but that's not applicable now...

 
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I changed my LLC to an S-Corp Election in 2016. How do I account for the change and file taxes now? I used to do a schedule C but that's not applicable now...

You must now file the LLC's income and expenses using Form 1120S. This can be done using TurboTax Business (Windows Only).

When you prepare the Form 1120S, you will generate a Schedule K-1 for each member of the LLC. These must be distributed to each member timely, so that the pass through items can be included in their individual income tax returns.

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New Member

I changed my LLC to an S-Corp Election in 2016. How do I account for the change and file taxes now? I used to do a schedule C but that's not applicable now...

You must now file the LLC's income and expenses using Form 1120S. This can be done using TurboTax Business (Windows Only).

When you prepare the Form 1120S, you will generate a Schedule K-1 for each member of the LLC. These must be distributed to each member timely, so that the pass through items can be included in their individual income tax returns.

View solution in original post

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New Member

I changed my LLC to an S-Corp Election in 2016. How do I account for the change and file taxes now? I used to do a schedule C but that's not applicable now...

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