ThomasM125
Expert Alumni

Business & farm

If you are the sole owner of the LLC, it is normally reported as self-employment income, unless you make a special election to be taxed as a corporation. You will see an option for that in the Federal section of TurboTax, in the Wages and Income section under Self-employment income and expenses. Otherwise, you would have a schedule K-1 from the entity which would report your share of income and deductions. You would report that in the S-corps, Partnerships, and Trusts section that would also be under Wages and Income in TurboTax.

 

 

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