Single Member LLC Self Employed Version; how to use

[ajrosen1]

I have a single member LLC and am using online self employed.  I can't find anywhere to indicate I have an LLC.  Do I need to?   Is just putting in the revenue and expenses adequate?  If not, where do I enter the LLC info, or do I need another version?

[JulieCo]

Yes, to enter your revenue and expenses for your single member LLC you can use TurboTax Self-Employed.  

Single Member LLC's are treated as a "disregarded entity" and are not required to file a separate tax return.  Instead, your income and expenses of your LLC will be reported on Schedule C of your personal tax return.  Nothing on your return will be required to indicate that your business is an LLC.  

To enter your business data in TurboTax, take the following steps:  

In your federal return within TurboTax, under the Income & Expenses tab on the top of the screen, select the Self-Employment Income & Expenses section.  This is where you will enter your business information, income and expenses.

[djlsb]

Thanks for the response, but I still have a question:

How do we pay the quarterly taxes inside Quickbooks Self Employed, I enrolled with eftps using my LLC's EIN and quickbooks shows: "Be sure to enroll as an individual with your Social Security number. This won't work if you enroll as a business with your EIN."

Should I skip the quarterly payments and just file the final IRS in 2020?

Thanks

[pk]

Agreeing with @JulieCo  excellent answer, just want to add that since this is dis-regarded entity ( for tax purposes ), the eftps registration needs to be using your SSN  and not  the LLC EIN.  When you have emplyoees you will need to use the EIN  & EFTPS / similar facility to deposit the  withholding ( Employee withholding ).  Also  your life would be a lot easier  if your clients  use your SSN  for issuing any 1099-misc.  Hope this clarifies

[djlsb]

Oh, ok, thank you so much for the answer. So since I enrolled with EFTPS payments using the EIN but never pay's any quarter yet, should I just ignore that and enroll my SSN instead?

Thank you

[pk]

That is correct -- goof luck

[Gramma502]

Can i still use this if my single member LLC is based in NY?  I am required to file Form IT-204 LL but i dont see an option and i am the sole owner member.

[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).

[OSAF UDDIN]

Hello Experts,

I'm having SMLLC as Disregarded Entity, So please Guide I Need To file 1040NR + 1040 Schedule C.

I'm 100% Owner of LLC as Non US-Residient! So what I need to File Form 5472 &  Form 1120?

I realized From Last Year 2021 Filling has made some mistake to File all these Form i.e 1040 + 1120 + 5472.

Please Guide. Thanks

Regards Osaf Uddin

[Critter-3]

If you are filing a Sch C as a disreguarded entity then you should not also be filing an 1120 for a corporation.

A nonresident alien cannot use TurboTax. A nonresident alien has to file Form 1040-NR, which TurboTax does not support.

TurboTax has an arrangement with Sprintax to prepare Form 1040-NR for students and scholars. It might not be suitable for a "worker." Here's a question and answer from the Sprintax FAQs that lists the types of visas that it supports.