turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

if I switch from a single member LLC to an s-corp mid year, can I claim all income and expenses for that year to the s-corp?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KeshaH
Expert Alumni

if I switch from a single member LLC to an s-corp mid year, can I claim all income and expenses for that year to the s-corp?

You would report it separately. Report your income earned and expenses paid while your business was a sole proprietorship on the Schedule C. The income earned and expenses paid as of the effective date that your business converted to an S Corporation would be reported on the S Corp return.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question