Single Member LLC

[didileon]

I am using Turbo Tax Self-Employed on line, I am trying to add the info of my single member LLC, but I don't know how to do it. Also I didn't have any income from my LLC on 2018 but I had some expenses. How should I file this?

[AlanT · Accepted solution]

Single member LLC's income and expenses are reported as self-employment income on Schedule C.  

We'll automatically complete Schedule C or C-EZ when you set up your self-employment work in TurboTax or when you enter what the IRS considers self-employment income (it’s often reported on a 1099-MISC).

To set up your business:

1. Log in and select the Take me to my return button.
2. Search for schedule c and select the Jump to link in the search results.
3. Answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2018? and follow the instructions.
   1. If you've already entered self-employment work and need to enter more, select Add another line of work.

If you need Schedule C to report a 1099-MISC, search for 1099-misc and select the Jump to link. Answer Yes to Did you get a 1099-MISC? and follow these directions. We'll ask questions to find out if the income needs to go on Schedule C or C-EZ and add the right schedule to your return (if needed).

If your return only requires Schedule C-EZ, we'll generate Schedule C  for calculation purposes. It won’t be filed with your return.

[didileon]

How do I know how much I need to pay for using Turbo Tax to file my state & federal Tax Returns. Can Turbo Tax tell me if I need to pay any other taxes for my single member LLC in Kansas when filing my state Tax Return? I need to know if I will take Turbo Tax services.

[AlanT]

TurboTax will tell you the fees before filing.  As you go through the program and enter your information, you should get alerts.