W2 employee, owns LLC, also does consulting (1099)

Hi there, I hope you are doing well in this Corona Craziness!

Usually, taxes have been straight W2 but this year is the first time doing taxes like this

1. I have a Full time job that is using W2

2. Also have a small LLC with my husband

3. I do consulting work for which there is a 1099

How do I file my taxes, (i.e regular w2 form+Schedule C+ ?) and what TurboTax option do you recommend?

Thank you!

Best,

191

Expert Alumni

Apr 7, 2020 10:34:09 AM

The W-2 would be reported on an IRS form 1040.

The IRS form 1099-Misc would be reported on an IRS form 1040 Schedule C.

The LLC sounds like a partnership reported on IRS form 1065. The IRS form 1065 would generate schedule K-1’s which would report income and/or expense on your IRS form 1040.

IRS form 1065 can be prepared using TurboTax Business. See this webpage.

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W2 employee, owns LLC, also does consulting (1099)