I created an LLC taxed as a C corp. I am self-employed with 0 employees. What tax structure do I need for this to work for me? LLC taxed as a sole proprietor?

[caluav]

I'm a new LLC taxed as a C-corp. I've yet to file. Will Turbo Tax for Self -Employed work on an LLC taxed as a C-corp? What tax structure classifications are supported by Turbo Tax Self Employed?  

Thank you,

Kevin

[Critter · Accepted solution]

To prepare a corporate, trust or partnership return you would need Turbotax Business.  This is a separate program from Turbotax Home and Business.  TT Business is a program only available for desktop windows use (there is no on-line or Mac version.) 

http://turbotax.intuit.com/small-business-taxes/

https://turbotax.intuit.com/small-business-taxes/forms-business.jsp

https://ttlc.intuit.com/questions/1917225-is-turbotax-business-right-for-me

To prepare a personal return, depending on the complexity, you will need a version that prepares Forms 1040 such as Deluxe, Premier, Home and Business, etc.   If you have a Schedule K-1 from either a Form 1120-S, Form 1065 or Form 1041 you will need either the Premier version or (if you also have an unincorporated business) the Self Employed version when using the online program.  

All the downloaded programs will handle the personal return.

View this product guide chart to see which product is best for you:
https://turbotax.intuit.com/personal-taxes/cd-download/

[caluav]

Thanks, Critter!

[VolvoGirl]

Sorry we got off track thinking you were Self Employed and needed the Self Employed version.  

[SweetieJean]

Please see a local tax professional for assistance.

https://www.irs.gov/businesses/small-businesses-self-employed/forming-a-corporation

[caluav]

What tax structure will work under turbo tax self employed was my question?

[SweetieJean]

TT Business is needed for a C Corp
TT Self-employed is for a solo independent contractor.
Your question was "What tax structure do I need for this to work for me?"

[Critter]

You are NOT self employed ... as a C-Corp you own a business that could employ you and give you a W-2  and if it is profitable a 1099-div  AFTER it pays it's own taxes.   You REALLY REALLY need to seek professional assistance to get your books and returns in order since it seems you do not know what you are doing.

[VolvoGirl]

No you are not self employed.  You need Turbo Tax Business.
The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes">https://turbotax.intuit.com/small-business-taxes</...>

You will get a W2 or K-1 from the Business return to enter into your personal return.

[SweetieJean]

@Critter#2  Appears OP edited Q after posting.. Original Q made reference to not wanting to pay $800 CA franchise tax for an LLC. So I interpreted the question re "structure" as asking what type of business structure would avoid this, not which TT program to use.

[SweetieJean]

@caluav  Why did you establish C Corp in the first place?
You seem to be confusing a C Corp (which files IRS Form 1120) with a self-employed contractor who files Form 1040, Schedule C.  Also see:
<a rel="nofollow" target="_blank" href="https://www.ftb.ca.gov/businesses/faq/734.shtml">https://www.ftb.ca.gov/businesses/faq/734.shtml</a>

[Critter]

FYI ... a C-corp doesn't issue a K-1 ...only W-2s and 1099-Dividends.

[caluav]

I'm not confused on a C corp, I am confused as to what turbo tax for self employed will cover, I was asking what structure it will cover.

[VolvoGirl]

It only covers a schedule C on your personal 1040 return.  Not a business return.

[caluav]

Thank you, VolvoGirl! Great answer, exactly what I needed to know, or more accurately, what I was assuming. Thank you very much.