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I started a sole proprietor LLC in August 2016 and have no income.
Married filing jointly, but I started an LLC in August of 2016. The LLC is in my name only. No income, only expenses in 2016. What TurboTax product should I use?
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Business & farm
As a sole proprietor or Single Member LLC (SMLLC), you can continue to use TurboTax Home & Biz (Mac).
TurboTax Business (Windows only, download or CD) is for S Corp, C Corp, partnerships, estates, trusts and multi-member LLCs.
To input your Schedule C LLC activity:
- Sign in to your account and click on the 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. Please feel free to post any additional details or questions in the comment section.