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mchu519
Level 3

Can I file tax separately between my Social Security Number and LLC Tax ID?

I'm setting up an LLC where I'm going to be the only member.  Can I file my Social Security Number income separately then my LLC Tax ID?

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Can I file tax separately between my Social Security Number and LLC Tax ID?

It depends.  Is your LLC set up as an S Corp?  If not then it is a disregarded entity and filed on your personal 1040 return on schedule C with your other income.

 

If you set it up as a S corp, You need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

 

 

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3 Replies
VolvoGirl
Level 15

Can I file tax separately between my Social Security Number and LLC Tax ID?

It depends.  Is your LLC set up as an S Corp?  If not then it is a disregarded entity and filed on your personal 1040 return on schedule C with your other income.

 

If you set it up as a S corp, You need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

 

 

View solution in original post

Anonymous
Not applicable

Can I file tax separately between my Social Security Number and LLC Tax ID?

It's not clear what you are asking.  As long as the single-member LLC doesn't elect to be taxed as an S-Corp all your income is reported on your 1040. an individual only files one 1040 for each tax year.  if the LLC elected S-Corp status then a return for the S-Corp would have to be filed.  K-1's for each shareholder would be done and  the K-1 tax information would be then be reported on the individual's tax return 

mchu519
Level 3

Can I file tax separately between my Social Security Number and LLC Tax ID?

Thanks! You guys answered my question.  Looks like the answer is yes, I can file separately provided that my LLC is an S Corp.

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