Product and forms to use

Forum|Forum|6 years ago
February 24, 2020
5 replies
52 views

I own a single person LLC that did not produce any profit in 2019. But, I received income from numerous websites (surveys, running apps, etc.) This income was made under my name not under my LLC name and I did not receive enough from any one source to receive a 1099-MISC. What form do I use to report this income and what turbotax products could I use?

Not A Product Question

RobertG

Alumni - Intuit

A single member LLC reports income and expenses on Form 1040 Schedule C.

To report both income and expenses from self employment you will need TurboTax Self-Employed for online, or Home & Business CD/Download.

If you are reporting income only and no expenses you can use Deluxe or Premier.

See compare forms for a comparison of forms used by each version of TurboTax.

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praxisknightAuthor

Level 2

So, even though I did not have any income through the LLC, I would still use the Schedule C to report this income that was made under my name? Also, would I enter the LLC name in the Schedule C even though I did not have any profits or use my name? Finally, could I use Turbotax Freedom to file my taxes? Thanks.

MaryK4

Alumni - Intuit

RobertG's answer applies to the LLC, but if you are talking about general income you received under your name for non-LLC related income you would not enter it under the LLC Schedule C. You would either create a different LLC. If it was not a "business" you could enter as Miscellaneous Income.

If you have not already done so, you will want to close out the LLC. See Closing a Business for this you would not be able to use TurboTax Freedom.

@praxisknight

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