I started to try and fill out taxes for an LLC and it asked for info on a K-1. I don't have a K-1 and I am the only one running my business, what do I do?

[sewellsar]

I basically have no idea what I am doing when it comes to business taxes. TurboTax was asking me for info on my K-1, and I have no idea what that even is. I run my LLC all by myself so I do not run it as if there are multiple people. How do I go about filing an LLC if I run it by myself?

[SweetieJean]

Are you the sole owner of the LLC?  Is it taxed as an S Corp?

[sewellsar]

Yes I am the sole owner, so I thought it would be considered an S Corp. It keeps asking me about the K-1 though.

[sewellsar]

And it keeps asking me for my EIN but my EIN only has 7 digits not the required 9, I don't even know where to get the 9 digit one.

[VolvoGirl]

Did you set up the LLC as a S corp?  Then you need to file a separate Business 1120S for it.  You will get a schedule K-1 from the 1120 return to enter into your personal return.  So you have to prepare the business return first.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's 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.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes">https://turbotax.intuit.com/small-business-taxes</...>
 
But you don't seem to be sure it's an S Corp.  you probably should go to an accountant the first year to get started right.  If it's not a S Corp and only a single member LLC you file it as self employment on schedule C in your personal 1040 return.  You will need to use the Self Employed version .

[VolvoGirl]

Your EIN should be like xx-xxxxxxx.  Are you missing the first 2 digits?

[sewellsar]

No it is xx-×××××

[sewellsar]

I am a single member LLC, so what exactly do I do? I am sorry I am so ignorant. I really should have done more research.

[TaxGuyBill]

As VolvoGirl said, unless you specifically filed a form (Form 2553) to treat the LLC as a S-corporation (or Form 8332 to be a C-corporation), you do NOT file a corporate return, and there won't be a K-1.

You just enter it as a Self Employed Business on Schedule C.  Just follow the directions for a "Business".  Your State may have other requirements for an LLC (such as California), so keep a lookout in the State interview.

As a side note, if you are considering the S-corporation election, I REALLY, REALLY to NOT make the decision until you have gone to a tax professional to analyze your specific situation.  Most small business owners like you do NOT being their business as a corporation.  A corporation is A LOT more paperwork, requires A LOT more tax filings, and can be more expensive in some cases.

[sewellsar]

I became an LLC through a website that did everything for me, I just paid them to do the work. So I really don't have much of my own information.

[TaxGuyBill]

Look through your paperwork that the website gave you.  Unless you made that election to be taxed as a corporation (I suspect that is NOT the case), you just enter it as a regular business (no corporation, no K-1).

[fanfare · Accepted solution]

see here:

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...