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I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

 
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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

If you have a single-member LLC and have not made an election to be taxed as a corporation, you can file as a disregarded entity (i.e., as a sole proprietor on Schedule C) on your individual income tax return.

 

However, you will need to upgrade to TurboTax Self-Employed if you want to use an online TurboTax product. 

 

Note that you can use any desktop (installed) version of TurboTax.

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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

If you have a single-member LLC and have not made an election to be taxed as a corporation, you can file as a disregarded entity (i.e., as a sole proprietor on Schedule C) on your individual income tax return.

 

However, you will need to upgrade to TurboTax Self-Employed if you want to use an online TurboTax product. 

 

Note that you can use any desktop (installed) version of TurboTax.

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Expert Alumni

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

For the LLC, if you are the only member then you have a single member LLC, which is considered a disregarded entity by the IRS for tax purposes.  What that means is that you file the LLC on your personal tax return as if you are self-employed - in regards to the LLC.    You will need to upgrade to TurboTax Self-Employed if you use Online version.

 

If you have a multi-member LLC, then you would have to complete a partnership return Form 1065.  

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Level 1

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

I have the TurboTax Home and Business online version.  I have a two member LLC that does not profit more than $500-800.  Can I import the Form 1065 into the Home and Business version?

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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?


@Jack K wrote:

Can I import the Form 1065 into the Home and Business version?


No. You need to prepare Form 1065 with a product such as TurboTax Business (link below).

 

In the process of preparing Form 1065, K-1s will be generated and you will enter the information from your K-1 into your individual income tax return.

 

https://turbotax.intuit.com/small-business-taxes/

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Level 1

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

Thanks!  Can I pay an upgrade fee, or will I have to pay the full $169

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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

Sorry you have to buy and install the Business program separately from your personal tax return.  

 

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's (Win 7 or newer) version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?


@Jack K wrote:

Thanks!  Can I pay an upgrade fee, or will I have to pay the full $169


It is a bit less expensive at Amazon, currently.

 

https://www.amazon.com/TurboTax-Business-2019-Software-Download/dp/B07YH3HBL6/ref=sr_1_1?dchild=1&ke...

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Expert Alumni

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

Unless your partner is your spouse, then you could do 2 schedule C's for a qualified joint venture.What TurboTax do I need for a Qualified Joint Venture? Qualified Joint Venture With Husband - Dividing Income & Expenses

 

If you purchase the business software, that is not an upgrade as it is a completely different case. You can then use your current software to enter the K-1 forms that are generated from the business.

 

@Jack K

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Level 15

I own an LLC that does not profit more than $500-$800. I also work, so I have a W-2. How do I file the LLC together with my taxes?

The QJV option is not available for state law entities, such as LLCs , but @Jack K could report on Schedule C if the partner is a spouse and they reside in a community property state.

 

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf