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C
cent3159
March 17, 2025
Question

Can I know the process to enter my LLC income and expenditure?

  • March 17, 2025
  • 1 reply
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    ThomasM125
    March 17, 2025

    If you are the sole owner of the LLC, you can enter your business income and expenses in the self-employed income section of TurboTax, in the federal area under Wages and Income.  If you are a multi-member LLC, with more than one partner, you will need to use the TurboTax Business product to create a partnership return, from which you will generate Schedules K-1 that you can use to enter your share of the partnership income or loss and certain deductions and credits on your personal tax return.

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