If you are a single member LLC (SMLLC), then for tax purposes, the IRS disregards your entity (the LLC) and considers you to be a self-employed person. Accordingly, you will complete a Schedule C, Profit or Loss From Business. You don't want to issue a Schedule K-1 to yourself, and neither do you need to use TurboTax Business. You can use TurboTax Self-Employed (online version) and create your Schedule C using that application.
While the IRS disregards your entity classification (the LLC), that is only for tax purposes. The legal aspect of your business is an entirely different matter. Here, we are just concerned with completing the proper tax return for you as a SMLLC owner, and in that regard, you will complete a Schedule C. When you enter your business income, you will also enter your business expenses.
In TurboTax online, select Wages & Income, left margin, then on the Your income and expenses screen, scroll down to Self-Employment and enter your information.
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