LLC owned by a Trust - How to file in TurboTax Business?

[jeffm]

We have an Single member LLC owned by a Trust  (only the trust owns it) - How do you file taxes in TurboTax Business for the LLC?  I don't see how to enter the LLC when filing the Trust tax.  Do I need a seperate return for to file for the LLC?

[tagteam · Accepted solution]

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@jeffm wrote:

Do I need a seperate return for to file for the LLC?

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You do not need to file a separate return for the LLC (Form 1065) if it is a single-member LLC without an election to be treated as a corporation for federal income tax purposes. 

[jeffm]

Ok, so the only way I found to actually enter the data for LLC was to go to forms and create a new schedule C where I put in my information. It was necessary to override the EIN since the LLC EIN was not the same as the trust EIN.  Then I just entered my income, and expenses and it seemed to work.  I didn't see anything in the interview process for Turbo Tax Business to do this.  Is this the correct way to get this done?

[tagteam]

On a 1041? Yes, you need to complete a Schedule C in Forms Mode.

[zarwa ashraf]

i has a llc who is owned by telarus so how can i file it's return?as per my knowledge it is a single member llc so i need to file schedule C along with my form 1040 but i am confused as its owner is trust then trust should file schedule C not I?but i received commission income from telarus so please guide me should I file schedule C along with my form 1040 and also which EIN and social security number should I use .....mine or LLC

[tagteam]

The LLC, being a single-member LLC, is treated as a disregarded entity for federal income tax purposes.

Whether the trust is required to file its own return (or is also treated as a disregarded entity) depends upon whether it is a grantor trust or a nongrantor trust.

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286018

[Justa-Tax-Noob]

How do you create a new form?  All I get are business forms.

I am the trustee for a trust that owns a single-member LLC.  The trust doesn't yet have an EIN because nobody died yet.  The trust owns the LLC, and the LLC owns the rental property. 

Also, how do you enter property tax expenses paid by the LLC as a business expense?  TurboTax doesn't ask for property taxes in the business expense section.

[RobertB4444]

If the trust is not active yet then it doesn't need to file a tax return.  The LLC files a tax return and does it however its single member decides.  Since it is a disregarded entity it has a lot of options.  

@Justa-Tax-Noob