I have a single member LLC. I read on IRS.gov that I need to create a schedule K-1 to account for distributions received from the business. I have been directed to use TT business for that purpose. But, TT Business does not allow me to use it for the Single Member LLC designation, but directs me instead to use TT Home & Business.
So how, do I show the distributions to the owner on Schedule C? I am not considered an employee or contractor, so where does that expense get recorded?
