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Business & farm
as part owner of LLC
That part of your statement indicates you have a multi-member LLC. For an LLC with more than one owner, you do not and can not use SCH C. All business income/expenses are reported on an 1065-Partnership/Multi-member LLC tax return. The business will then issue each owner a K-1. Each owner will need that K-1 in order to complete their personal 1040 tax return.
The 1065 partnership return is due by March 15th - one month before the personal 1040 tax return deadline. All K-1's must be issued by March 15th also.
To complete the 1065 return, you will need TurboTax Business. https://turbotax.intuit.com/small-business-taxes/
‎January 11, 2022
7:29 PM