Single proprietor LLC

MikeG500 · ‎March 7, 2021

I earned the majority of my 2020 income as an employee (W-2). However I started an LLC and have some 1099 income. What version of TurboTax do I need?

DavidD66 · ‎March 7, 2021

The IRS considers a single member LLC as a "disregarded entity" for tax purposes. So, if you are the only member of your LLC, and you haven't elected to be taxed as an S-Corp, you are considered "self-employed" for purposes of your LLC related income. You will report your income and expenses on Schedule C, as a part of your personal tax return. If you only have income to report, you can use TurboTax Online Deluxe or Premier. If you have expenses to report as well, you will need TurboTax Online Self-Employed. If you are using TurboTax Desktop software, you can use any version (the forms are available), but only Home & Business will have the extra help of the step-by-step for self-employment income and expenses.

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