BillM223
Expert Alumni

Get your taxes done using TurboTax

It does not matter if you have not transferred any funds from the business account to your personal account - your business is still subject to taxation.

 

If the LLC is owned by you alone (or by you and your spouse in a community property state), then as JohnW222 noted above, you report this as a "disregarded entity" using Schedule C on the 1040. "Disregarded entity" means that the IRS in this case is going to "disregard" that you have an LLC and instead let you file it as if it were a sole proprietorship.

 

Note that if there are other owners of the LLC (other than you or you and your spouse as I noted above), then you would normally file a partnership return (1065) or a corporate return (1120 or 1120S) depending on whether your notified the IRS that you wanted to be taxed as a corporation (the default if partnership).

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