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2 replies

DoninGA
Employee
January 23, 2024

What type of LLC?  Single member LLC that has Not incorporated in your state.  Single member LLC that has incorporated in your state and files as an S Corporation or a multi-member LLC that files as a Partnership?

January 24, 2024

If you are the sole owner of the LLC, it is normally reported as self-employment income, unless you make a special election to be taxed as a corporation. You will see an option for that in the Federal section of TurboTax, in the Wages and Income section under Self-employment income and expenses. Otherwise, you would have a schedule K-1 from the entity which would report your share of income and deductions. You would report that in the S-corps, Partnerships, and Trusts section that would also be under Wages and Income in TurboTax.

 

 

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