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posted May 15, 2021 5:00:44 AM

Sole LLC - Had Income & Expenses, But Did Not Pay Myself

Hello!

 

I have a sole member LLC with no employees. My sales are online credit card payments. I'm using self-employed TurboTax. I went to report my income/expenses and TurboTax is asking for the following.

 

COMMON INCOME

 

Form 1099-NEC, new IRS form for nonemployee compensation (replaces 1099-MISC)

 

Other self-employed income, includes 1099-K, cash, and checks

 

LESS COMMON INCOME

 

Form 1099-MISC, for miscellaneous and nonwork payments

 

Import from Square

 

Uncommon income, includes awards, interest, debt previously deducted

 

Which of the above do I report my total sales income in? I do not have any of these 1099 forms. I keep reading about a Schedule C but I am not given that option.

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1 Replies
Expert Alumni
May 15, 2021 5:44:34 AM

If you do not have any tax forms to use to report your income, then you report it as 'cash' based on your own records to substantiate the amount you earned.  'Other self-employed income' from your list above will get you to the section where you can enter cash income without any tax documents.  

 

To be sure you are working on your Schedule C for your business income and expenses, use the following steps to get started:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “schedule c” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to schedule c”
  • Click on the blue “Jump to schedule c” link