I have a single-member LLC that received K-1 from one of its investments. In TurboTax, where do I report the business income, interest and capital gains from the K-1?

[BAMBAMBAM]

My single-member LLC owns a 1/3 interest in a partnership.  That partnership sent a K-1 to the LLC.

Should I report the K-1 as if I received it directly from the partnership (skipping over my LLC)? 

Or should I report the various boxes of the K-1 in the "General Business Income" section of TurboTax? There really isn't a one-to-one match between those K-1 boxes and the TurboTax forms (business income/loss, interest income, capital gain/loss, self-employment income, etc)...

[Rick19744 · Accepted solution]

I am assuming that your single member LLC is the default disregarded entity.

If that is the case, just enter it as you would normally; received directly, since that is technically what occurred.

[TaxGuyBill]

In other words, enter it in the K-1 section of the program, as if the K-1 was in YOUR name (not the name of your Single Member LLC).

[BAMBAMBAM]

Thanks that's even more helpful

[wardsolutions]

If entered as if I received the K-1, then the name and FEIN of the sender of the K-1 is entered, correct?  If so, Where is disregarded entity LLC name and FEIN reported? Should a Schedule note be included to tie the two together?

[Critter]

OK... first is this a single member LLC  or is it incorporated ?    And is the only income for the LLC passive ?   Do you only get interest, dividends, cap gains from investments  and  a passive K-1 ?