I received a K-1 for an LLC that I have. The K-1 list the tax ID for the LLC and not my SSN. How do I enter the K-1 on my taxes using Turbo Tax?

[tm1616]

Turbo Tax wants to list the K-1 on my schedule E. Will this be OK or is there a different way to enter the K-1 for this LLC?

[Devin]

If your LLC is a single-member LLC, then you should report the K-1 on your own return. A single-member LLC is considered a "disregarded entity" by the IRS, so any activity of the LLC is treated as your personal activity.

However, if your LLC has other members, then you're generally required to file a partnership return for the LLC. The K1 would be reported on the partnership return for the LLC.