Which TurboTax product? or Products...!

[rdrstore]

Hello. For years I have used the Investments and Rental Property version of TurboTax (I already purchased this for the 2022 year). However, last year I started a single-member LLC in California. I would 100% rather file this separately than with my own taxes (I'm ending the LLC later this year). From what I gather, I need the Home and Business version for the LLC if I want to keep it separate. Is this correct? I would use that version, issue myself a 1099 (or W-2), and then file that with my personal return? The first year the LLC had a loss, this second year will be a gain (but again, I'll be ending the LLC).

[rjs · Accepted solution]

Did your LLC file Form 8832 to elect to be treated as a C corporation or Form 2553 to elect to be treated as an S corporation for tax purposes? If not, a single-member LLC is a "disregarded entity" for tax purposes. You cannot file a separate tax return for a disregarded entity. As far as the IRS is concerned, you and the LLC are one and the same. You report it as a sole proprietorship on Schedule C included in your personal tax return. The LLC's income is your income, and the LLC's expenses are your expenses. You do not issue a 1099 or a W-2 to yourself.

You can use any edition of the CD/Download TurboTax software to file your personal tax return with Schedule C for a sole proprietorship or single-member LLC, but Home & Business will give you the most detailed guidance and help.

[rdrstore]

Thank you so much!