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Level 3

Question on Single member LLC and TT

Hi,

i own a single member LLC and have filed using Turbo Tax the last few years no problem. My question has to do with the tax bill that lowered tax rates for LLC to 25% last year (from what I’m told.)

 

Does Turbo Tax take this into consideration when I file and do I get that effective rate as a single member LLC or is there something different I have to do?  Just wanting to make sure I get the benefits of that tax cut.

 

thanks in advance 

1 Reply
Level 18

Question on Single member LLC and TT


@Ralevacy wrote:

Does Turbo Tax take this into consideration when I file and do I get that effective rate as a single member LLC or is there something different I have to do?  


This is actually a 20% deduction and there are a few limitations (see link below).

 

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-i...

 

With respect to your input, you simply need to proceed through the Step-by-Step screens (see screenshot below for the first screen) and TurboTax will calculate the deduction for you.

 

qbi.png