As your single-member LLC is a disregarded entity, all income and expenses are reported on your personal tax return. The income and expenses of the LLC are reported on Schedule C.
And the Schedule K-1 from your LLC's participation in the multi-member LLC is reported in the K-1 section of your personal return. The LLC's share of earnings reported in box 14 of the Schedule K-1 is subject to self-employment tax.
In TurboTax Online, you can enter your Schedule K-1 by following these steps:
- Open your tax return
- Click on Federal in the left-hand column, then on Wages & Income
- Locate the section S-Corps, Partnerships, and Trusts and click on the arrow on the right
- Click Start next to Schedule K-1
- Choose the correct form for your Schedule K-1 (Form 1065, 1120S or 1041)
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