I'm setting up an LLC where I'm going to be the only member. Can I file my Social Security Number income separately then my LLC Tax ID?
It depends. Is your LLC set up as an S Corp? If not then it is a disregarded entity and filed on your personal 1040 return on schedule C with your other income.
If you set it up as a S corp, You need Turbo Tax Business.
The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
It's not clear what you are asking. As long as the single-member LLC doesn't elect to be taxed as an S-Corp all your income is reported on your 1040. an individual only files one 1040 for each tax year. if the LLC elected S-Corp status then a return for the S-Corp would have to be filed. K-1's for each shareholder would be done and the K-1 tax information would be then be reported on the individual's tax return
Thanks! You guys answered my question. Looks like the answer is yes, I can file separately provided that my LLC is an S Corp.