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New Member
posted May 31, 2019 5:29:10 PM

I have a Single Member LLC with 1 employee. Payroll creates his W-2 & another for me. Do I include myself in Employee Wages? Do I enter my W-2 from my LLC under Personal?

Outside of my 9-5 job (with a W-2), I have a Single Member LLC with 1 employee.
Payroll creates his W-2 & another W-2  for me.

1) Do I include myself in Employee Wages?
2) Do I enter my W-2 from my LLC under Personal?

3) Where do I enter tax deposits previously paid from Form 941?

Many thanks!

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1 Best answer
Expert Alumni
May 31, 2019 5:29:10 PM

1) Yes, all wages paid by the LLC are reported on Schedule C as Employee Expenses, along with the employer portion of payroll taxes. Be sure you indicate during the business profile set-up that you have employees (you have two - yourself and one other).

2) Yes, enter the W-2 you received from the LLC under Wages & Income >> W-2.

3) Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter.

10 Replies
Expert Alumni
May 31, 2019 5:29:10 PM

1) Yes, all wages paid by the LLC are reported on Schedule C as Employee Expenses, along with the employer portion of payroll taxes. Be sure you indicate during the business profile set-up that you have employees (you have two - yourself and one other).

2) Yes, enter the W-2 you received from the LLC under Wages & Income >> W-2.

3) Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter.

New Member
May 31, 2019 5:29:14 PM

Estimated Tax Payments (Line 65) for my Federal and State Tax Filings were Adjusted/Corrected, slashed from $3000 to $0.

I own a small consulting LLC for which I paid estimated taxes throughout 2015 as well as myself via a W2.

I asked this forum "Where do I enter tax deposits previously paid from Form 941?" to which I was guided: "Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter."

1) I summed each quarter's Form 941 payment to Federal EFTPS, Is that the appropriate content for Estimated Taxes?

2) Should I appeal the IRS decision directly or is that something for a professional (CPA, Tax Lawyer, etc)?

Level 15
May 31, 2019 5:29:16 PM

Only estimated payments made on a 1040ES form go on line 65.  Your W2 payments go on Schedule C as a business expense.  If you report your LLC on schedule C in your personal tax return you DO NOT pay yourself or give yourself a W2!  The Net Profit or Loss is your personal income in the first place.

New Member
May 31, 2019 5:29:17 PM

Thank you, VolvoGirl. I paid myself via W2 to ensure I was correctly calculating and paying estimated taxes. Should I continue to make estimated tax payments via payroll but not complete a W2 for myself at year end?
Have I double-taxed myself or would the estimated taxes paid via 941 only apply to the business?

Level 15
May 31, 2019 5:29:19 PM

You have a big problem.  See the answer rjs left you on your other question.

New Member
May 31, 2019 5:29:21 PM

Thank you, VolvoGirl and RJS. It seems I misinterpreted how to distinguish myself from my LLC.
Yes, I am the only owner of the LLC. I have 1 additional employee.

I submit Form 941 for employee taxes withheld (myself and the employee). I had assumed these withheld taxes were for the year's tax total and the monthly 941 payments were estimated taxes for the year. Thus, I reported these estimates from 941 on my 1040 (as indicated by TurboTaxPatriciaV - see above).

If you still feel I was incorrect and need professional guidance, what type or credential should I seek in the "tax professional" (Enrolled Agent, CPA, CFA, JD)?

Level 15
May 31, 2019 5:29:24 PM

I would suggest an EA, or a CPA who specializes in income taxes. (Not all CPAs do.)

New Member
May 31, 2019 5:29:26 PM

FYI, I may have previously signed in as @patrick.

Any additional thoughts from @TurboTaxPatriciaV ?

Level 15
May 31, 2019 5:29:26 PM

Oh, are you the same as the original poster?  We think her post missed part of your question and didn't fully address it.

New Member
May 31, 2019 5:29:28 PM

Yes, I am the OP. It appears I have 2 log-ins.