Taxes

Henry40 · ‎February 8, 2023

I have a a very low income LLC that earned a few thousand dollars in 2022. I also had a salary/W2. Do I fill out some Business form then add or subtract whatever the final number is on my 1040?

Bsch4477 · ‎February 8, 2023

TurboTax does all the math for you. Report your W-2 as usual and then complete Sch C for your self employed income.

VolvoGirl · ‎February 8, 2023

What kind of LLC do you have? Is it a Single Member LLC? If you didn't set it up as an S corp it is a disregarded entity and you file it on Schedule C in your personal 1040 return. You file it as self employment income.

You can fill out Schedule C and enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...