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Level 15
Level 15

Business & farm

There is no such thing as a 1040 for business. Form 1040 is a personal tax return. Is your business a sole proprietorship, qualified joint venture, single-member LLC, multi-member LLC, partnership, S corp, or C corp?


If it's a sole proprietorship, qualified joint venture, or single-member LLC (in most cases), you report it on Schedule C in your personal Form 1040 tax return. A multi-member LLC, partnership, S corp, or C corp has to file a separate tax return for the business, but it would not be a 1040.


The tag below your question says you are using TurboTax Deluxe Online. You cannot enter business income and expenses in Deluxe Online. You have to upgrade to Premium or use any version of the CD/Download TurboTax software. Also note that TurboTax Online will only be available for a couple more days. You cannot use TurboTax Online after October 15.