Filing with LLC

[kamcclaine]

This will be my 6th year with TurboTax and in 2023, I created a LLC in the state of Arizona where I reside and work. 

1. Can I file my personal taxes along with my business using TurboTax?
2. Which TurboTax product will I need to purchase?
3. TurboTax products are included in my MelLife Legal Plan, what is my direct cost for the product I need to use if I am filing my LLC?

[Anonymous_]

If it's a single-member LLC, it's a disregarded for federal income tax purposes and you can use any desktop version of TurboTax or TurboTax Premium Self-Employed if you want to prepare your return online.

[RobertB4444]

1.  Yes.

2.  At least Home and Business.  

3.  If your LLC is just done on a schedule C your Metlife deal should cover it.

@kamcclaine 

[VolvoGirl]

The Online version you need is now called Premium.  Premium replaced both Premier and the Self Employed versions 

[kamcclaine]

Is a Schedule C used when the LLC is for single-employee, which is me?

[Anonymous_]

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@VolvoGirl wrote:

The Online version you need is now called Premium.  Premium replaced both Premier and the Self Employed versions 

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Thanks. I keep losing track of these product names. 

[Anonymous_ · Accepted solution]

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@kamcclaine wrote:

Is a Schedule C used when the LLC is for single-employee, which is me?

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Yes.

[VolvoGirl]

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@kamcclaine wrote:

Is a Schedule C used when the LLC is for single-employee, which is me?

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Yes unless your LLC  is a Single Member LLC that elected to  be an S Corp.  then you need a separate Business program to file a 1120 S return.  

[KrisD15]

Not entirely true. 

"Is a Schedule C used when the LLC is for single-employee, which is me?"

No, Schedule C is used when the LLC is for SINGLE OWNER, which is you. 

You would not be an employee, you would not get a W-2.

You COULD have employees, but you would not be one. 

You COULD do the work, but you don't get paid as an employee, you get to keep the profit from the LLC. 

If you are paid as an employee and get a W-2, this would not be reported on Schedule C. 

@kamcclaine 

[Anonymous_]

Hopefully, @kamcclaine knows better than to issue a W-2 (or other tax reporting statement) to the sole member of the LLC (who will be filing a Schedule C).