FangxiaL
Expert Alumni

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"