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New Member
posted Jun 4, 2019 8:45:58 PM

I started LLC in Nov of 2017. Income is Social Security for 2017 and consulting fees for 2017. Do I file both LLC (Nov/Dec, 2017) and personal returns (all of 2017)

I presume I have to separate the LLC from personal:   a) 1/1 through 12/31 - all personal income / expenses on a personal return, and b)11/17 - 12/31/17 - 1099/LLC income/expenses only for this period on a business/LLC return.  Is that correct.

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New Member
Jun 4, 2019 8:45:59 PM

If you are the only member (owner) of your LLC, then you default to be taxed as self-employed and you file all personal income and your consulting income, together on your personal return. 

Your self-employed income and expenses are reported on schedule C, with the net amount flowing into your income on page 1 of your personal return. It looks like you are in the Home and Business software, which is exactly what you need. 

You can add your consulting income under the Self-employed Business section (under Income) and the software will ask you all necessary questions to report all of your income and expenses. 

1 Replies
New Member
Jun 4, 2019 8:45:59 PM

If you are the only member (owner) of your LLC, then you default to be taxed as self-employed and you file all personal income and your consulting income, together on your personal return. 

Your self-employed income and expenses are reported on schedule C, with the net amount flowing into your income on page 1 of your personal return. It looks like you are in the Home and Business software, which is exactly what you need. 

You can add your consulting income under the Self-employed Business section (under Income) and the software will ask you all necessary questions to report all of your income and expenses.