topic I need to file Schedule C for LLC which is solely owned by my S-Corp (an LLC) of which i am the sole member/shareholder. I need Sch. C from LLC to file 1120s for Scorp. in Business & farm

I need to file Schedule C for LLC which is solely owned by my S-Corp (an LLC) of which i am the sole member/shareholder. I need Sch. C from LLC to file 1120s for Scorp.

fishbiskits — Tue, 04 Jun 2019 19:18:47 GMT

I need to file a Schedule C for an LLC which is owned entirely by another LLC (treated as SCorp by IRS) of which I am the sole share holder. In order to properly file, I need to produce the Schedule C showing profit and itemizations and showing that S-Corp is the sole owner BEFORE I can then turn around and produce the form 1120 S return. I seems that I can file the 1120 S in the TurboTax Business version (which I have just paid $170 for), but there is no way to produce a Schedule C. I have been working in the "Self Employed" software, but I cannot find an option to show that the S-Corp is the sole owner, not me personally.

I will also be filing for another LLC which is owned by me, so I need a Schedule C for that as well, which seems to be easy to do in the "Self Employed" software. Along with the Business software, what other software can accomplish both of the above.

Are you trying to file a tax return for the LLC which is...

gehinious — Tue, 04 Jun 2019 19:18:49 GMT

Are you trying to file a tax return for the LLC which is owned by another LLC, or are you trying to file a tax return for the LLC that OWNS the other LLC?

If you are filing for the LLC that is not a S-corporation, and for which you are the sole member, then you fill out Schedule C on your Form 1040. That LLC is treated like a sole proprietorship and is reported on your personal income tax.

If you are filing for the S-corp LLC, then you fill out Form 1120S, for which there is not a Schedule C, only a "Deductions" Section on the first page of the form.

Please add additional information if that did not answer your question.

So this was never fully answered and I have the same ques...

tiffkata — Tue, 04 Jun 2019 19:18:50 GMT

So this was never fully answered and I have the same question. I have ABC, llc and its sole-owner is XYZ, Inc. ABC, llc is treated as a disregarded entity; I DO NOT want to change classification to an s-corp on this llc. How do I file "up" to XYZ, Inc (which is owned by 4 individuals)? What's the *business* version of a sched C, essentially?

You just contradicted the point made; ABC is NOT a disreg...

ScruffyCurmudgeon — Tue, 04 Jun 2019 19:18:52 GMT

You just contradicted the point made;
ABC is NOT a disregarded entity because it is owned through XYZ by 4 not 1 principals.