topic Question on LLC/SCorp Tax Returns in Self employed

Question on LLC/SCorp Tax Returns

Anonymous — Thu, 03 Sep 2020 16:08:59 GMT

Have a question as I go through everything this is in regards to TurboTax Business 2019:

1- We started a multi-member (wife and I, both own 50% equal shares) LLC incorporated in Delaware (we live in NYC), we also elected to be treated as an S-Corp by the IRS. When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBAs, should I just enter one of them here? should I enter all of them separated by a comma? Where can I enter more than one DBA? I dont see it anywhere in the program

Re: Question on LLC/SCorp Tax Returns

Anonymous_ — Thu, 03 Sep 2020 16:40:47 GMT

@Anonymous wrote:

When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBA....

The DBA you enter in the program only gets transferred to the Information Worksheet (and, possibly, a state return, if required); it is not transferred to your 1120-S from the DBA line.

You can enter as many DBAs as you have (preferably separated by a comma, dash, or some other form of punctuation) so that the DBAs are transferred to the worksheet.

Generally, some states require registration when a company or individual is doing business in a name other than the company name or the name of the individual.

Re: Question on LLC/SCorp Tax Returns

Anonymous — Thu, 03 Sep 2020 16:53:43 GMT

Great thanks, I will be sure to separate each DBA using a comma.

Having said that I assume that all the expenses/income for all three DBAs are basically rolled up into the SCorp when I enter the information in the various screens (basically I enter total amounts for the SCorp since there is no separate income/expense breakout for each DBA?) and that is how its reported?

Re: Question on LLC/SCorp Tax Returns

Anonymous_ — Thu, 03 Sep 2020 16:59:28 GMT

@Anonymous wrote:

....(basically I enter total amounts for the SCorp since there is no separate income/expense breakout for each DBA?) and that is how its reported?

Yes, that is how it is reported on the federal income tax return (Form 1120-S).

Re: Question on LLC/SCorp Tax Returns

Anonymous — Thu, 03 Sep 2020 17:01:31 GMT

Great thanks!