- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You will need a business TurboTax product for the S Corp, plus a self-employed TurboTax product for the LLC & your personal return. A single-member LLC is a "disregarded entity" for tax purposes & treated like a sole proprietorship; it will be filed with your personal return on Schedule C. The S Corp, however, requires a nominally corporate tax return (1120-S) even though the end result is similar to the LLC (but not identical). You will need to file the S Corp return first & generate a Schedule K-1 which will tell you how to report its income on your personal return.
‎February 18, 2023
10:42 PM