I have an LLC with 1 partner, and less than $500 in business income, do I still need to file for my business? If so, which product do I need for business and personal?

adrohobyczer — Thu, 06 Jun 2019 10:14:10 GMT

It depends on the type of LLC. Single member LLC - (or h...

DS30 — Thu, 06 Jun 2019 10:14:11 GMT

It depends on the type of LLC.

Single member LLC - (or husband/wife LLC in a community property taxes and you elect disregarded entity) is considered a disregarded entity for US federal income tax purposes. If LLC treated as disregarded entity then you have a Schedule C filing (you can start with TurboTax Deluxe with a possible upgrade to TurboTax Self-Employed for more complicated filings). If a rental property LLC, then Schedule E would be needed (which is in TurboTax Premier and higher).

For more information see Single Member Limited Liability Companies

Multi member LLC - is considered a separate entity and will need to be reported on a separate federal income tax return (you will need TurboTax Business, you can purchase a downloadable copy here ) If reported as a partnership (Form 1065), you will need to include your K-1 from this partnership with your individual US federal income tax return. In this case, you would need TurboTax premier or higher to report your K-1 (If LLC files as a partnership.)

topic I have an LLC with 1 partner, and less than $500 in business income, do I still need to file for my business? If so, which product do I need for business and personal? in Get your taxes done using TurboTax

I have an LLC with 1 partner, and less than $500 in business income, do I still need to file for my business? If so, which product do I need for business and personal?

It depends on the type of LLC. Single member LLC - (or h...