Single Member LLC tax

[matt183896]

I usually file my taxes with the free version of turbotax online, however I started an LLC last july, 2023. Turbo Tax mentions the support of single member LLCs under the Live small business tax version, but its 300 dollars more than the turbotax premium

I am filing my taxes as a single member LLC, and also have some personal crypto gain/losses to file from 2023, which version do I need? Its very confusing, I don't need the live help. Theres so many different versions.

[DawnC]

You can use TurboTax Online Premium - Do You Own Taxes, linked here.   The LIVE versions are more expensive because a TurboTax Tax Expert is going to prepare the return for you.   As long as your LLC is a single member LLC, you don't need TurboTax Business, since you will use Schedule C.   

For desktop options, you can use any version (they all have Schedule C) but since you have crypto transactions, I recommend using Online - Premium.   You may find our Crypto Guide helpful when you enter that income.  

[matt183896]

Thank you so much Dawn, now one more quick question, I have a net short-term capital gain of $53 and your net long-term capital loss of $2,410, with a total realized loss of 2,357 dollars from both Robinhood, and coinbase, however its showing "All capital losses used in 2023 - $0.00", "Remaining losses carried forward to 2024 -$2,357, but also when I click on "See your capital losses and how they effect your taxes", 

"Total capital losses

$2,357

These losses are deductible this year."

So are these being carried forward or being deducted this year?

I am pretty new to filing taxes for crypto as well.. Robinhood provided me a 1099, while coinbase said I did not qualify for a 1099, but sent me a 8949.. I linked both robinhood and coinbase to my turbotax online account

[VolvoGirl]

That is possible.  If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.  Have you entered all your other income?  

[matt183896]

I have not yet, I started with my crypto, and interest from wells fargo savings account, and it looks like turbotax automatically put my "income loss" from 2022, into 2023

I also have 11 dollars in rewards from coinbase, but don't see where to put that in, and it wasnt included in my form 8949, where do I enter that? Just on 1099-MISC?

Also do I have to upload my form 8494? Or will that be generated automatically?

[VolvoGirl]

Sorry I don't know about those other things.  Just the Capital Loss Carryover. 

And FYI -  On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023). Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.

There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.