LLC Partnership Taxes- Self employment income vs form k-1

[DB1975]

Last year (2023) I created an LLC with my husband and myself as the only 2 members. The business folded rather quickly so I closed everything down with the state earlier this year. We profited only about $4000. I didn't know I had to file a tax return with the IRS before 3/17, so I am rushing to do that now. I am also doing my personal tax return. I entered the profit and expenses on my personal tax return as self employment income. Do I also need to create a schedule k-1? Thank you for any advice.

[PatriciaV]

Yes, you need to prepare a Form 1965 Partnership return for the LLC. Part of that return will be Schedules K-1 (one for each partner). You will enter the K-1 information on your personal Form 1040 return. You won't enter the LLC activity directly on your personal return.

For the LLC return, you'll need to use TurboTax Business. I recommend the online version for simple business returns because of the easy interview process.