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Get your taxes done using TurboTax
I am not a tax attorney or tax accountant so I am not 100% sure of how an LLC works. I can tell you that income from a Trust is distributed to each of the trustee's via a K-1 form and the LLC might work the same. I did tax the tax returns for my in-laws trusts after they passed and that is how we distributed any income earned by the trusts to the children of my in-laws, including my wife obviously. Each trustee reported the income on the K-1 issued to them (there were 3 issues, one for each child) on their individual income tax returns.
Another possibility is a 1099 type form. There is more than on type of 1099 and they added some new ones a year or two ago and there might be one for an LLC.
‎February 17, 2023
9:58 AM