Schedule C or K-1

[cbhergert]

I am a single member LLC.  If I capture all of my business income on the schedule C, do I need to do a K-1?  I think I was double reporting my income by doing both.

[Anonymous_ · Accepted solution]

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@cbhergert wrote:

I am a single member LLC.  If I capture all of my business income on the schedule C, do I need to do a K-1? 

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You do not need Schedule K-1 as you are a sole proprietor.

Only owners/members/shareholders/beneficiaries of pass-through entities, such as partnerships, multi-member LLCs, S corporations, and estates/trusts receive K-1s.