My single member LLC received income from a multi-member LLC and was issued a K1. Where do I enter this income? Where do I enter the expenses for my single-member LLC?

[PatriciaV]

Is your LLC an S-Corp? Was the K-1 issued in your name or the name of the LLC?

[jacboutilier]

It is not an S-Corp and the K-1 was issued in the name of the LLC but with my SSN.

[PatriciaV]

In that case, follow the instructions below and ignore the final paragraph about filing as an S-Corp. Your SSN is the most important identifier on the K-1, so you should be fine.

[PatriciaV · Accepted solution]

It depends.

If you have not taken the S-Corp election for your LLC, the IRS considers you and the company to be one taxpayer. In this case, you would enter Schedule K-1 as Investment Income and the LLC expenses as Investment Expenses.

Note: The IRS requires Schedule K-1 for a single-member LLC to be issued in the name and SSN of the owner, not the LLC itself. You may need to request a revised K-1 if this is not true for the K-1 you received.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "k-1", hit Enter, and click on "jump to k-1" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "k-1", then click the topic in the list to go directly to the start of this section.

(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)

Follow the prompts to enter the information from Schedule K-1.

Your expenses for the LLC would be reported on Schedule A, which you can find using the search method described above to go to "investment expenses."

If, however, you have elected to be taxed as a corporation (S-Corp), your LLC must file a separate business tax return (Form 1120-S) to report the income from Schedule K-1 and all business expenses. You may prepare this business tax return using TurboTax Business, a CD/Download product that is installed on your own computer.

[jarornellas]

If the Sch K-1 was issued to the Single Member LLC's FEIN, would it still be possible to report the Sch K-1 as you described?

[Critter-3]

As already posted ...

Note: The IRS requires Schedule K-1 for a single-member LLC to be issued in the name and SSN of the owner, not the LLC itself. You may need to request a revised K-1 if this is not true for the K-1 you received.

HOWEVER ... since you had to link your SS# to the EIN for the SMLLC when you applied for the EIN  thus you could just enter the K-1 on the personal return as if the K-1 was issued to the SS# without IRS problems.   BUT ... you should get this corrected for the next tax year so the K-1 is correctly issued to your SS#.