- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
MelindaS1 is assuming that your LLC has more than one member and is treated as a partnership for income tax purposes. That would require filing a separate Form 1065 partnership tax return for the LLC. But you didn't say that it's a multi-member LLC.
If, on the other hand, it's a single-member LLC, meaning that you are the only member, the LLC is disregarded for income tax purposes. You report it as business income or self-employment income on your joint personal Form 1040 tax return. The business income and expenses will be reported on Schedule C included in your tax return.
You need a Form 1099-R from the 401(K). If you didn't get one, contact the administrator of the 401(k) plan and ask for it. The 1099-R will show the amount that you took out and the amount of tax that was withheld. The 1099-R will also have other information. You enter the information from the 1099-R into TurboTax. You cannot file your tax return without the 1099-R. You can't just enter amounts from your own records.