Thank you for your explanation.
No, I don't need to prepare an S-Corp tax return. I am doing my personal taxes, and I opened an LLC last year. I invested in a different company, for which the LLC received a K1. Now, to do my personal taxes, I purchased the Home & Business version, thinking that I have to file taxes for my LLC as well. However, there is no income or activity in my LLC other than receiving a K1, which I need to report on my personal returns.
My question is: Does the K1 received by the LLC have any other place to report it, compared to if I had received a K1 from an S-Corp? I mean, I can find for both LLCs and SCorp on the same page.
So, In general, does the K1 received by the LLC apply to me personally or to the LLC?
