I'm not sure which option to select.
As I've read it can be either.
And they used to put Individual/SoleProprietor as the option. Now it's separate.
So not sure which one to select (no I haven't made any election to S-Corp etc) Just a standard basic Single Member LLC Thanks!
A single member LLC or sole proprietorship is a disregarded entity. You just enter your self-employment income and make sure to prepare a schedule C for your business expenses. You will pay self-employment tax for Social Security and Medicare, as well as ordinary income tax. You need online Self-Employed or any version of the CD/download in order to prepare a Schedule C.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
Where is it asking you to pick one? On Turbo Tax? They should be the same. It shouldn't make a difference which one you pick. Maybe Turbo Tax will ask different questions based on which you pick. But that shouldn't affect your tax return.
A single-member LLC is disregarded for tax purposes. so it would seem it doesn't matter whether you select individual or sole proprietor
A sole proprietorship is a business owned by a single individual person. The business name (if any) is a substitute for the person's name (and is sometimes called a "fictitious name". All liabilities, including judgements, of the sole proprietorship business are also liabilities of the person. Corporations (including LLCs) are used, in part, to shield owners, including a sole owner, from being personally liable for for many types of liabilities of the business.