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Business & farm
It depends.
If you have not taken the S-Corp election for your LLC, the IRS considers you and the company to be one taxpayer. In this case, you would enter Schedule K-1 as Investment Income.
Note: The IRS requires Schedule K-1 for a single-member LLC to be issued in the name and SSN of the owner, not the LLC itself. You may need to request a revised K-1 if this is not true for the K-1 you received.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "k-1", hit Enter, and click on "jump to k-1" to go directly to beginning of this topic.
Or go to Tax Tools >> Tools >> Topic Search. Type in "k-1", then click the topic in the list to go directly to the start of this section.
Follow the prompts to enter the information from Schedule K-1.
If, however, you have elected to be taxed as a corporation (S-Corp), your LLC must file a separate business tax return (Form 1120-S) to report the income from Schedule K-1 and any business expenses. You may prepare this business tax return using TurboTax Business, a CD/Download product that is installed on your own computer.
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