An LLC is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner's tax return (a "disregarded entity"). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.Owner of Single-Member LLC
If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return. If the owner is an individual, the activities of the LLC will generally be reflected on:
- Form 1040 Schedule C, Profit or Loss from Business (Sole Proprietorship) (PDF)
- Form 1040 Schedule E, Supplemental Income or Loss (PDF)
- Form 1040 Schedule F, Profit or Loss from Farming (PDF)
An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship.
If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.
If you have incorporated your LLC then you can use the TurboTax Business Edition for your tax return. The Business Edition can only be installed on a Windows based personal computer, not online or on a Mac. The Business Edition cannot complete a personal tax return, Form 1040. Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/
Otherwise your single member LLC is a "disregarded entity" and you would file your business income and expenses on a Form 1040 Schedule C. The Schedule C Must be included with your personal tax return, Form 1040. The Schedule C cannot be filed separately from the Form 1040. If you did not file the Schedule C with the personal tax return you completed using TAXACT then you will need to amend the 2016 tax return using Form 1040X and complete the Schedule C. The amended tax return can only be printed and mailed, it cannot be e-filed. If this is your situation then you should return to your TAXACT account and amend the 2016 tax return that was filed.