Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 24, 2020 11:00:58 AM

Product and forms to use

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?

0 5 754
5 Replies
Expert Alumni
Feb 24, 2020 11:24:30 AM

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.

Level 2
Feb 24, 2020 4:40:50 PM

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.

Employee Tax Expert
Feb 24, 2020 6:02:39 PM

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

Level 2
Feb 25, 2020 8:47:15 PM

OK. So in Turbotax Deluxe I can report my LLC income as $0 (I had no expenses) and in the 1040 report this other income as miscellaneous income.  Correct?

Employee Tax Expert
Feb 25, 2020 8:58:59 PM

Yes, the LLC can report zero income/expenses and the rest as Miscellaneous Income. 

@praxisknigh