SharonD007
Expert Alumni

Self employed

When you operate a single member LLC (considered a Disregarded Entity by the IRS), there isn’t a difference between you and the LLC for tax purposes. The profits or losses generated by the LLC are reported on the Schedule C of your personal tax return and your net income (when you have a profit) is considered your owner draw. There is no Schedule K-1 needed.

 

If your LLC files as a corporation, you should have filed Form 8832 to classify as a corporation and you will file Form 1120 or 1120S.  You can create this tax return in TurboTax Business, and you will be able to create a Schedule K-1 for yourself.

 

Please see the IRS link Single Member Limited Liability Companies for further details. 

Also, you can review the TurboTax links Limited Liability Company Taxes and What Is a Schedule C IRS form?.

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