Product and forms to use

Forum|Forum|6 years ago
February 24, 2020
5 replies
46 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

Level 12

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

Level 15

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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