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Self employed
Single Member LLCs are considered disregarded entities with the IRS. According to the IRS, "For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity."
For the desktop version of TurboTax, you would need the Home and Business to enter the Schedule C form or use the TurboTax online Self-employed version.
For more information, see the link below:
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March 27, 2023
6:50 AM
1,860 Views