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Business & farm
It depends.
If it is a single-member LLC, you can report the income and expenses on Schedule C of Form 1040. The correct version of TurboTax is Self-Employed.
If it is a multiple-member LLC, you need to file a Partnership return using Form 1065 (you have to use TurboTax Busines for that). Schule K-1 from the partnership return will be reported on your personal income tax return.
Or you may elect to treat the LLC as a C corporation or an S corporation.
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‎February 24, 2022
4:26 PM