I had an LLC as a sole member. Which product should I use to file my tax return from a few years prior? Can I use the individual or does it have to be a business product?

Forum|Forum|1 year ago
August 20, 2024
2 replies
4 views

An LLC is a pass through entity. I was the sole member. Can I file as an individual or do I need to purchase the business version?

TurboTax Deluxe Online

rjs

Level 15

You file as an individual. A single-member LLC is ignored for income tax purposes. (It's called a "disregarded entity.") You enter the LLC income and expenses as business income and expenses on your personal tax return. It will be reported on Schedule C included in your return.

Since you are purchasing software for a past year, you can use any personal version, but Home & Business will give you extra help and guidance for entering your business income and expenses.

VolvoGirl

Level 15

What kind of LLC? Sounds like a Single Member LLC. But did you elect it to be a S corp?

Getitdone2

Level 2

Finally someone mentioning something like we are dealing with. My daughter was set up as a LLC sole member but filing as an S corp for tax purposes. and I'm having issues in that she does not have stock and it tries to force you into answers.....her return is basically a schedule C on the 1120-s ......but when you get to the K-1 it goes into the stock questions.

rjs

Level 15

@Getitdone2 wrote:

Finally someone mentioning something like we are dealing with.

@Getitdone2

Your daughter's situation is not at all like the previous discussion in this thread. The previous posts are about a single-member LLC that is a disregarded entity, not taxed as an S corp.

See the replies to your other post of the same question in another thread.