As a single member llc can i use turbo tax self employed and if so where do i file Form IT-204 LL Partnership?

[Gramma502]

Hello,

This is my first year filing for my coffee roastery and i am a single member LLC. I started adding all my info to my current TurboTax account including my full time work (roasting is my side business), but NY requires LLC to file Form IT-204 LL Partnership but i only see an option to do this under a TurboTax Small business account which has way more than I need.

[ToddL99]

You do not need to file a NY Form IT-204 LL for your single-member LLC. As a "disregarded entity", a single member LLC does not file a separate return - its activity is reported on the single-member's (your) tax return

A disregarded entity is a business that the Internal Revenue Service (IRS) and states ignore for the purpose of taxation even though they are separate from the business owner. The business income and subsequent taxes are passed through to the owner to be filed with their income taxes.

You can meet the filing requirements for this business using TurboTax Self-Employed (or the Home & Business desktop version).

[Gramma502]

Thank You @ToddL99 I guess i was getting a bit confused because Legal Zoom was telling me i needed this for compliance. I appreciate the speedy response.

[Irene2805]

Yes - being an LLC is a legal term to protect you from liability but doesn't really affect your tax status.  If you are a single-member LLC, you would file a Schedule C in your federal 1040 return.

According to the NY Department of Taxation and Finance website,  Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs):

• A single-member LLC (SMLLC) that is treated as a disregarded entity for federal income tax purposes will be treated as a disregarded entity for New York tax purposes.
  • If the SMLLC is disregarded and the single member is an individual, the SMLLC will be treated as a sole proprietorship for New York tax purposes. 

For New York, since you are a sole proprietorship, your business income and expenses go on your personal return, IT-201 (full year resident or IT-203 (part-year or nonresident).

[Hanker]

That is INCORRECT.

It specifically says on the Instructions for Form IT-204-LL that a limited liability company (LLC) that is a disregarded entity MUST file this form.

Check here:

https://www.tax.ny.gov/pdf/current_forms/it/it204lli.pdf

[Hanker]

Heads up:

The Deadline is today - March 15.

[SweetieJean]

Are you an S Corp?

[Hanker]

Currently you can only file this form with TurboTax business. However TurboTax business does not file a Schedule C.

TurboTax is aware of this issue and they are working on it.

By the way, you can also print the form from NY state website and mail it in. There is an instruction sheet and it's easy to do.

Form:

https://www.tax.ny.gov/pdf/current_forms/it/it204ll_fill_in.pdf

Instructions:

https://www.tax.ny.gov/pdf/current_forms/it/it204lli.pdf

[Gramma502]

No i am a single member LLC. I have already filed my return so not sure if i will get a nasty note or if all is good.

[Gramma502]

Thank you but am i allowed to fill out that form? it asks for preparers info at the bottom and it looks like it should be a tax professional?

[Hanker]

Check the instructions towards the end where it discusses Paid preparer

[AmyC]

A single member LLC can make the option to file as an S corp. Since you did not, you are considered disregarded and file the sch C. You can make the option to be an S corp at a later time. See Business Structure and Small Business and Self-Employed Tax Center.

A self prepared return is not signed by a tax professional or you acting as one. Simply sign in the place for you as the filer.

[Stefi88]

I’m going to submit my IT 204 ll by mail. And I see the form that the payment is for the  year is 2023 , is that correct? I thought I was paying for 2024 

[AbrahamT]

That is correct.