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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
If the LLC is owned by more than one person, it will most likely need to file a partnership income tax return (Form 1065) UNLESS there was an election made to be taxed as a C corporation or a subchapter-S corporation, in which case it will need to file Form 1120 (C corp) or 1120-S (S corp). TurboTax software for businesses can be found at https://turbotax.intuit.com/small-business-taxes/
Note: A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.
May 31, 2019
10:00 PM