AmyT
New Member

Business & farm

If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss). 

To input your Schedule C LLC activity:

  • Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
  • Click on Search at the top of the screen
  • Input "schedule c" in the search box and hit enter
  • The first link available should be Jump to schedule c - click on this link
  • TurboTax will walk you through inputting your income, the business information, and expenses

Important:  You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C.  Your self-employment income for tax purposes will be the profits of the business (which may actually be more or less than the amounts you draw as compensation).  

Note:  A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.